For investors leery of the extent to which banks have been making their numbers on the back of reserve releases and "non-operating" charges, U.S. Bancorp (NYSE:USB) is a breath of fresh, clean air. Once again U.S. Bancorp has distinguished itself from its peers with a strong quarter. While some investors may be put off by the relatively low percentage of actual banking within USB's business mix, this company seems undervalued and underappreciated by the Street today.
Finally, a Bank with a Clean Result
Because of the impact that decisions like security sales can have on financial results, there will never be a perfectly clean quarter for a major bank, but U.S. Bancorp's second quarter results are close enough for jazz. Better still, they were largely on target with the expectations laid out by management.
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U.S. Bancorp Standing Out And Outstanding (USB, WFC, TCB, C, BAC, BK, STT)
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