Financial services giant U.S. Bancorp (NYSE: USB) will be reporting results this Thursday morning. Here’s what to expect.
U.S. Bancorp met analysts’ revenue expectations last quarter, reporting revenues of $7.32 billion, up 5.2% year on year. It was a slower quarter for the company, with a miss of analysts’ tangible book value per share estimates and a narrow beat of analysts’ EPS estimates.
Is U.S. Bancorp a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting U.S. Bancorp’s revenue to grow 7.7% year on year, improving from the 2.3% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. U.S. Bancorp rarely misses Wall Street’s revenue estimates.
Looking at U.S. Bancorp’s peers in the diversified banks segment, some have already reported their Q2 results, giving us a hint as to what we can expect. Citigroup delivered year-on-year revenue growth of 14.3%, beating analysts’ expectations by 4.5%, and Bank of America reported revenues up 14.9%, topping estimates by 3.2%.
Read our full analysis of Citigroup’s results here and Bank of America’s results here.
There has been positive sentiment among investors in the diversified banks segment, with share prices up 4.2% on average over the last month. U.S. Bancorp is up 7.3% during the same time and is heading into earnings with an average analyst price target of $67.43 (compared to the current share price of $62.02).
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