Shares of U.S. Bank parent company, US Bancorp (NYSE:USB), rose in early trading on Friday, after the company reported an earnings beat for the first quarter on Thursday.
The company delivered positive operating leverage, with “broad-based fee income growth” driving revenue.
The US Bancorp Analyst: DA Davidson analyst Peter Winter reiterated a Buy rating and price target of $65.
The US Bancorp Thesis: The company reported earnings of $1.18 per share, topping consensus of $1.14 per share, with the beat driven by a lower provision and lower tax rate, Winter said in the note.
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US Bancorp’s average loan growth accelerated to 2.4%, from 1.4% in the previous quarter, the analyst stated. NIM (net interest margin) remained unchanged sequentially at 2.77%, as strong loan growth was offset by tighter loan …