Slower Loan Growth but Steadily Increasing Returns on Equity in U.S Bancorp's Start to 2018
Wide-moat-rated U.S. Bancorp reported decent first-quarter results that fit well within our expectations, and we are maintaining our fair value estimate of $53 per share, which values the bank at 12.8 times our 2018 diluted earnings per share estimate and 2.6 times tangible book value at the end of the quarter. While growth appeared lackluster quarter over quarter, other key metrics continued to show steady gains. Return on average common tangible equity improved to 19.3%, a 210-basis-point impr...
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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