Business as Usual for U.S. Bancorp in Q1 2017; Maintaining Our Fair Value Estimate
Wide-moat rated U.S. Bancorp turned in another typical performance in the first quarter of 2017, posting a return on average assets of 1.35% and a return on average equity of 13.3%. These returns compare well with the averages under our coverage that tend to be closer to 1.2% or less for returns on assets and returns on equity of 12% or less. More broadly, the performance fits well with our expectations for the bank, and we are maintaining our fair value estimate of $49 for the firm, which value...U.S. Bancorp is a multi-state financial services holding company. Through its subsidiaries, the company provides a range of financial services, including lending and depository services, cash management, capital markets, and trust and investment management services. The company also engages in credit card services, merchant and ATM processing, mortgage banking, insurance, brokerage and leasing. The company's subsidiary, U.S. Bank National Association, is engaged in the general banking business, principally in domestic markets. The company's bank and trust subsidiaries provide a range of asset management and fiduciary services for individuals, estates, foundations, business corporations and charitable organizations.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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