U.S. Bancorp Buy opportunity setting up

10월 31일

U.S. Bancorp is a financial service holding company. The Company’s major lines of business are Wealth, Corporate, Commercial and Institutional Banking, Consumer and Business Banking, Payment Services, and Treasury and Corporate Support. The Company provides a range of financial services, including lending and depository services, cash management, capital markets, and trust and investment management services

FUNDAMENTAL METRICS

• Exchange- New York stock exchange
  
• Market capitalization- 75.73B
• Basic EPS- $3.27
  
• Total Net revenue- 28.1B
• Net Income- 5.4B
• Average common shares outstanding- 1.5B
  
• Total assets- 663B
• Deposits- 512B
• Provision for credit losses -2.3B
• Dividends declared per share- $1.93
  

Financial metrics as at year ended Dec 31, 2023, Market cap as per 24.10.2024 Q4 EARNINGS SUMMARY (Date of release 16.10.2024) (Next report date Jan 16,2025)

1. Net income of $1,714 million and diluted earnings per common share of $1.03. Revenue missed analyst estimates by 1.0%. Earnings per share (EPS) exceeded analyst estimates by 4.5%.
2. There shall be a share buy back program of $5 billion.
3. The bank is focused on organic growth & broadening their reach. Not interested in mergers & Acquisitions currently. The bank's latest large investment was the acquisition of Union Bank, which closed in December 2022. This meaningfully expanded its presence in California.
4. Net revenue of $6,864 million, including $4,166 million of net interest income on a taxable-equivalent basis
5. Noninterest income of $2,817 million driven by year-over-year increases in:

• i. Commercial products revenue of 12.1%
  
• ii. Trust and investment management fees of 6.4%
  
• iii. Payment services revenue of 3.1%
  
• iv. Mortgage banking revenue of 7.6%
  

6. Non-interest expenses dropped by 1% compared to last year, but increased slightly by 0.4% compared to the last quarter, when accounting for previous notable expenses.
7. The bank's return on common equity was 17.9%, return on assets was 1.03%, and efficiency ratio was 60.2%.

TECHNICAL ANALYSIS RULES

1. Structure drawing (Trend line drawing on past price chart data)
2. Patterns identification (Naming patterns on past price chart data for future wave)- Corrective flag forming
3. Future indication (Reading indicator for future wave)- MACD 0 crossover to signal buys
4. Future wave (Drawing on future price chart using future indication from indicator)- highlighted
5. Future reversal point (Identifying trend reversal point on price chart using structure)- Target price $67.35 (top of bigger correction)



Look for the trade on lower timeframe by identifying impulses & correction as shown




Recommendation:
Buy price range: $44.8- $48
Target price: $67


Top Shareholders

• The Vanguard group- 8.64%
  
• BlackRock Institutional Trust Company- 4.85%
  
• State Street Global Advisors- 4.26%
  
• MUFG Bank- 4.22%
  
• Charles Schwab Investment managers- 2.92%
  
• Fidelity Management- 2.66%
  

12월 10일

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