Reinitiating Coverage of U.S. Bancorp; Raising Our Fair Value Estimate to $49
We are reinitiating coverage of U.S. Bancorp with a fair value estimate of $49 per share. Though fairly valued, we view wide-moat U.S. Bancorp as relatively attractive for investors seeking to increase exposure to the banking sector. After the recent run-up in bank stock prices, with some names increasing as much as 40% over the past 3 months and the KBW Bank Index up 30%, U.S. Bancorp remains a high-quality bank trading at a reasonable valuation. It currently trades at 2.7 times tangible book v...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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