Barclays Maintains an 'Overweight' on U.S. Bancorp (USB); 3Q11 EPS Review: Loan Growth and Capital Deployment Accelerate
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Price: $40.99 -1.49%
Rating Summary:
13 Buy, 23 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 13
Rating Summary:
13 Buy, 23 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 13
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Barclays maintains an 'Overweight' on U.S. Bancorp (NYSE: USB) price target of $33.00.
Barclays analyst says, "U.S. Bancorp posted comparatively strong 3Q11 results, highlighted by record revenue and earnings, industry leading profitability metrics, positive y-o-y and linked quarter operating leverage, accelerating loan growth (commercial driven), and a pickup in share repurchase. On the flip side, it continues to operate in what it characterizes as a difficult/uncertain economic environment, its level of reserve releases declined modestly, and its accruing TDRs increased 22% (new guidance driven). Its planned acceleration in capital redeployment (targeted long-term payout of 60%-80%) coupled with our expectations for ongoing loan growth acceleration and further asset quality improvements keep us positive on the shares looking out."
"Based largely on the strength of its 3Q11 reported beat, we are increasing our 2011 EPS estimate to $2.35 from $2.30. However, to reflect our downwardly revised NIM forecast and slightly less optimistic Durbin mitigation expectation, we are lowering our 2012 EPS estimate to $2.65 from $2.70."
For more ratings news on U.S. Bancorp click here and for the rating history of U.S. Bancorp click here.
Shares of U.S. Bancorp closed at $24.13 yesterday.
Barclays analyst says, "U.S. Bancorp posted comparatively strong 3Q11 results, highlighted by record revenue and earnings, industry leading profitability metrics, positive y-o-y and linked quarter operating leverage, accelerating loan growth (commercial driven), and a pickup in share repurchase. On the flip side, it continues to operate in what it characterizes as a difficult/uncertain economic environment, its level of reserve releases declined modestly, and its accruing TDRs increased 22% (new guidance driven). Its planned acceleration in capital redeployment (targeted long-term payout of 60%-80%) coupled with our expectations for ongoing loan growth acceleration and further asset quality improvements keep us positive on the shares looking out."
"Based largely on the strength of its 3Q11 reported beat, we are increasing our 2011 EPS estimate to $2.35 from $2.30. However, to reflect our downwardly revised NIM forecast and slightly less optimistic Durbin mitigation expectation, we are lowering our 2012 EPS estimate to $2.65 from $2.70."
For more ratings news on U.S. Bancorp click here and for the rating history of U.S. Bancorp click here.
Shares of U.S. Bancorp closed at $24.13 yesterday.
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