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U.S. Bancorp (NYSE:USB) Tanks on Mixed Q4 Performance
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U.S. Bancorp (NYSE:USB) Tanks on Mixed Q4 Performance

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U.S. Bancorp shares are trending lower today after the company posted a mixed Q4 performance.

U.S. Bancorp (NYSE:USB) shares are trending marginally lower today after the company announced a mixed set of fourth-quarter results, with revenue of $6.76 billion lagging expectations by $90 million. EPS of $0.99, on the other hand, exceeded estimates by $0.28.

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During the quarter, net interest income declined to $4,142 million from $4,325 million in the year-ago period. Noninterest income, in contrast, improved to $2,620 million from $2,043 million a year ago. Average total loans and total deposits stood at $372.86 billion and $502.78 billion at the end of Q4. This performance included $171 million in merger and integration-related charges and $734 million in charges associated with the FDIC special assessment. Net income attributable to USB stood at $847 million.

For the full year, net revenue improved to $28.1 billion from $24.3 billion in 2022. Similarly, the company’s net interest margin increased to 2.9% from 2.72%. The efficiency ratio for the year stood at 66.7%.

Is USB a Good Stock to Buy Now?

Overall, the Street has a Moderate Buy consensus rating on U.S. Bancorp. After a nearly 17% jump in the company’s share price over the past six months, the average USB price target of $47.72 implies a further 15.3% potential upside in the stock.

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