Exciting is usually a bad thing in banking, and U.S. Bancorp (NYSE:USB)
makes steady high-quality execution look pretty good. Not surprisingly,
U.S. Bancorp isn't particularly levered to a quick turnaround in
interest rates and management is not going to compromise underwriting
discipline just to boost loan growth.
That said, U.S. Bancorp
maintains one of the best net interest margins of its peer group, has
kept pace with loan growth, is far more efficient with expenses, and has
several lucrative fee-generating businesses. U.S. Bancorp looks as
though it's priced only a bit below fair value, but that should be
enough for long-term investors who want a cornerstone holding in
financial services.
Continue reading here:
U.S. Bancorp's Steady Excellence Worth A Premium
No comments:
Post a Comment