U.S. Bancorp Reports Business as Usual in 4Q, and Business Is Just Fine for the Bank
Wide-moat U.S. Bancorp reported solid fourth-quarter results that fit well within our expectations. Net income was up 10% year over year for quarterly results, while diluted EPS was up 13.4%. Full-year EPS was $4.14, just below our expectation of $4.18. U.S. Bancorp maintained its top-tier levels for the return on average assets, coming in at 1.55% (excluding notable items) and the return on tangible common equity was 19.7% (excluding notable items). We do not expect to make any material changes...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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