Stock Analysis Report

Executive Summary

U.S. Bancorp, a financial services holding company, provides various financial services in the United States.


Trading at 26.8% below its fair value

Pays a high and reliable dividend of 3.08%

Risk Analysis

No risks detected for USB from our risk checks.

Snowflake Analysis

Flawless balance sheet established dividend payer.

Similar Companies

Share Price & News

How has U.S. Bancorp's share price performed over time and what events caused price changes?

Latest Share Price and Events

Stable Share Price: USB has not had significant price volatility in the past 3 months.

Market Performance

7 Day Return




US Banks


US Market

1 Year Return




US Banks


US Market

Return vs Industry: USB underperformed the US Banks industry which returned 10.3% over the past year.

Return vs Market: USB underperformed the US Market which returned 17.9% over the past year.

Shareholder returns

7 Day-1.0%-1.2%-1.1%
30 Day1.3%-0.3%1.4%
90 Day-8.8%-0.9%6.9%
1 Year9.6%6.4%13.5%10.3%20.3%17.9%
3 Year7.1%-1.0%24.0%15.1%47.8%38.3%
5 Year38.8%22.3%73.8%54.1%71.9%53.0%

Price Volatility Vs. Market

How volatile is U.S. Bancorp's share price compared to the market and industry in the last 5 years?

Simply Wall St News


Is U.S. Bancorp undervalued compared to its fair value and its price relative to the market?


Undervalued compared to fair value

Share Price vs. Fair Value

Below Fair Value: USB ($54.55) is trading below our estimate of fair value ($74.56)

Significantly Below Fair Value: USB is trading below fair value by more than 20%.

Price To Earnings Ratio

PE vs Industry: USB is poor value based on its PE Ratio (13.1x) compared to the Banks industry average (12.6x).

PE vs Market: USB is good value based on its PE Ratio (13.1x) compared to the US market (18.2x).

Price to Earnings Growth Ratio

PEG Ratio: USB is poor value based on its PEG Ratio (27.2x)

Price to Book Ratio

PB vs Industry: USB is overvalued based on its PB Ratio (1.8x) compared to the US Banks industry average (1.2x).

Next Steps

Future Growth

How is U.S. Bancorp forecast to perform in the next 1 to 3 years based on estimates from 15 analysts?


Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: USB's forecast earnings growth (0.5% per year) is below the savings rate (1.7%).

Earnings vs Market: USB's earnings (0.5% per year) are forecast to grow slower than the US market (14.1% per year).

High Growth Earnings: USB's earnings are forecast to grow, but not significantly.

Revenue vs Market: USB's revenue (5.6% per year) is forecast to grow slower than the US market (7.6% per year).

High Growth Revenue: USB's revenue (5.6% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: USB's Return on Equity is forecast to be low in 3 years time (15.6%).

Next Steps

Past Performance

How has U.S. Bancorp performed over the past 5 years?


Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: USB has high quality earnings.

Growing Profit Margin: USB's current net profit margins (31.1%) are lower than last year (32.6%).

Past Earnings Growth Analysis

Earnings Trend: USB's earnings have grown by 5% per year over the past 5 years.

Accelerating Growth: USB's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: USB had negative earnings growth (-3%) over the past year, making it difficult to compare to the Banks industry average (12.2%).

Return on Equity

High ROE: USB's Return on Equity (13.2%) is considered low.

Return on Assets

Return on Capital Employed

Next Steps

Financial Health

How is U.S. Bancorp's financial position? (This company is analysed differently as a bank or financial institution)

Financial Position Analysis

Debt to Equity History and Analysis

Balance Sheet

Inventory Level: USB has a low level of unsold assets or inventory.

Debt Coverage by Assets: USB's debt is not covered by short term assets (assets are 0.5x debt).

Financial Institutions Analysis

Asset Level: USB's level of assets compared to its equity is low.

Allowance for Bad Loans: USB has a sufficient allowance for bad loans.

Low Risk Liabilities: USB's liabilities are made up of primarily low risk sources of funding.

Loan Level: USB has an acceptable proportion of non-loan assets held.

Low Risk Deposits: USB's loans are broadly funded by customer deposits.

Level of Bad Loans: USB has an appropriate level of bad loans (0.23%)

Next Steps


What is U.S. Bancorp's current dividend yield, its reliability and sustainability?


Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: USB's dividend (3.08%) is higher than the bottom 25% of dividend payers in the US market (1.45%).

High Dividend: USB's dividend (3.08%) is low compared to the top 25% of dividend payers in the US market (3.73%).

Stability and Growth of Payments

Stable Dividend: USB's dividends per share have been stable in the past 10 years.

Growing Dividend: USB's dividend payments have increased over the past 10 years.

Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (37.9%), USB's dividend payments are well covered by earnings.

Future Payout to Shareholders

Future Dividend Coverage: USB's dividends in 3 years are forecast to be well covered by earnings (36.9% payout ratio).

Next Steps


How experienced are the management team and are they aligned to shareholders interests?


Average management tenure


Andy Cecere (58yo)





Mr. Andrew Cecere, also known as Andy, has been the Chief Executive Officer and President of U.S. Bancorp and U.S. Bank National Association since April 18, 2017 and January 19, 2016. Mr. Cecere served as  ...

CEO Compensation Analysis

Compensation vs Market: Andy's total compensation ($USD13.44M) is about average for companies of similar size in the US market ($USD10.81M).

Compensation vs Earnings: Andy's compensation has been consistent with company performance over the past year.

Leadership Team

Andrew Cecere
Chairman2.8yrsUS$13.44m0.050% $41.8m
Terrance Dolan
Vice Chairman & CFO3.5yrsUS$5.14m0.0085% $7.0m
Jeffry von Gillern
Vice Chairman of Technology & Operations Services0yrsUS$3.78m0.0075% $6.2m
Shailesh Kotwal
Vice Chairman of Payment Services4.9yrsUS$3.47m0.0040% $3.3m
Gunjan Kedia
Vice Chairman of Wealth Management & Investment Services2.1yrsUS$3.45m0.0020% $1.6m
Eric Freedman
Chief Investment Officer3.3yrsno datano data
Katherine Quinn
Vice Chairman & Chief Administrative Officer2.8yrsno data0.0056% $4.7m
Jennifer Thompson
Executive Vice President of Investor Relations0yrsno datano data
James Chosy
Executive VP & General Counsel6.9yrsno data0.0063% $5.2m
Dana Ripley
Chief Communications Officer - Public Affairs & Communications0yrsno datano data


Average Tenure


Average Age

Experienced Management: USB's management team is considered experienced (3.3 years average tenure).

Board Members

Andrew Cecere
Chairman2.8yrsUS$13.44m0.050% $41.8m
Jeffrey Jones
Member of the Advisory Board & President of Corporate Payment Systems for U.S. Bank0yrsno datano data
Arthur Collins
Independent Director24.1yrsUS$347.66kno data
Olivia Kirtley
Independent Director13.3yrsUS$364.83k0.00069% $573.1k
David O'Maley
Lead Director3.1yrsUS$391.16k0.012% $9.9m
O'dell Owens
Independent Director29.1yrsUS$342.50kno data
Roland Hernandez
Independent Director8.1yrsUS$365.83kno data
Craig Schnuck
Independent Director18.1yrsUS$334.50kno data
Richard McKenney
Independent Director2.3yrsUS$339.00kno data
Scott Wine
Independent Director5.6yrsUS$353.00k0.000030% $24.9k


Average Tenure


Average Age

Experienced Board: USB's board of directors are considered experienced (8.1 years average tenure).


Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: USB insiders have only sold shares in the past 3 months.

Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Top Shareholders

Company Information

U.S. Bancorp's company bio, employee growth, exchange listings and data sources

Key Information

  • Name: U.S. Bancorp
  • Ticker: USB
  • Exchange: NYSE
  • Founded: 1863
  • Industry: Diversified Banks
  • Sector: Banks
  • Market Cap: US$83.052b
  • Shares outstanding: 1.52b
  • Website: https://www.usbank.com

Number of Employees


  • U.S. Bancorp
  • 800 Nicollet Mall
  • Minneapolis
  • Minnesota
  • 55402
  • United States


TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
USBNYSE (New York Stock Exchange)YesCommon StockUSUSDJan 1980
USB *BMV (Bolsa Mexicana de Valores)YesCommon StockMXMXNJan 1980
UB5DB (Deutsche Boerse AG)YesCommon StockDEEURJan 1980
UB5XTRA (XETRA Trading Platform)YesCommon StockDEEURJan 1980
USBSNSE (Santiago Stock Exchange)YesCommon StockCLUSDJan 1980
0LHYLSE (London Stock Exchange)YesCommon StockGBUSDJan 1980
UB5ETLX (Eurotlx)YesCommon StockITEURJan 1980
USBCWBAG (Wiener Boerse AG)YesCommon StockATEURJan 1980
USB.PRHNYSE (New York Stock Exchange)PFD B 1/1000DPUSUSDMar 2006
USBBASE (Buenos Aires Stock Exchange)CEDEAR EACH REPR 1 COM(USD)ARARSDec 2007
USB.PRMNYSE (New York Stock Exchange)DEP SHS PFD FUSUSDJan 2012
USB.PRONYSE (New York Stock Exchange)PFD 1/1000 PRP HUSUSDMay 2013
USBC34BOVESPA (Bolsa de Valores de Sao Paulo)EACH BDR REPR 1 COM USD0.01BRBRLDec 2014
USB.PRPNYSE (New York Stock Exchange)DEP PERP PFD KUSUSDAug 2018


U.S. Bancorp, a financial services holding company, provides various financial services in the United States. It operates in five segments: Corporate and Commercial Banking, Consumer and Business Banking, Wealth Management and Investment Services, Payment Services, and Treasury and Corporate Support. The company offers depository services, including checking accounts, savings accounts, and time certificate contracts; and lending services, such as traditional credit products, as well as credit card services, lease financing and import/export trade, asset-backed lending, agricultural finance, and other products. It also provides ancillary services comprising capital markets, treasury management, and receivable lock-box collection services to corporate customers; and a range of asset management and fiduciary services for individuals, estates, foundations, business corporations, and charitable organizations. In addition, the company offers investment and insurance products to its customers principally within its markets, as well as fund administration services to a range of mutual and other funds. Further, it provides corporate and purchasing card, and corporate trust services; and merchant processing services, as well as cash and investment management, ATM processing, mortgage banking, and brokerage and leasing services. The company offers its products and services through operating a network of 3,018 banking offices principally operating in the Midwest and West regions of the United States, as well as through online services and over mobile devices. It also operates a network of 4,681 ATMs. The company was founded in 1863 and is headquartered in Minneapolis, Minnesota. 

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/23 01:03
End of Day Share Price2020/02/21 00:00
Annual Earnings2019/12/31

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.