Strong Results Continue for U.S. Bancorp; Loan Growth Remains in Place
U.S. Bancorp’s third-quarter results were largely in line with our expectations and do not alter our long-term thesis on the firm. We are maintaining our $45 fair value estimate and wide moat rating. U.S. Bancorp reported a return on assets of 1.36% and a return on equity of 13.5%. The bank consistently reports the best returns among our regional bank coverage.Similar to most of our regional banks so far, U.S. Bancorp saw strong mortgage banking revenue, driven in part by the decrease in long-...
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.
We have operations in 27 countries.
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