U.S. Bancorp (NYSE:USB) stock bumped up on Wednesday follow the release of its earnings report for the second quarter of 2017.
USB stock got a boost today after the company reported earnings per share of 85 cents for the second quarter of 2017. This is up 2 cents over its earnings per share from the same time last year. it also came in one penny above Wall Street’s earnings per share estimate for the quarter.
During its second quarter of the year, U.S. Bancorp reported revenue of $5.49 billion. This is an increase over the $5.45 billion in revenue that was reported during the second quarter of 2016. This also helped USB stock by coming in above analysts’ revenue estimate of $5.47 billion for the second quarter of 2017.
U.S. Bancorp saw its credit and debit card revenue increase by 7.8% during the second quarter of 2017. Its net interest income for the quarter was also up by 5.9% from the second quarter of 2017.
U.S. Bancorp reported net income of $1.50 billion during its second quarter of 2017. The financial services company reported a net income of $1.52 billion during the same period of the year prior. This shows a 1.8% drop in net income in the second quarter of 2017 when compared to the same time last year.
“In the second quarter, we returned 81 percent of our earnings to shareholders through dividends and share repurchases,” Andy Cecere, President and CEO of U.S. Bancorp, said in a statement. “The results of the Federal Reserve’s annual Stress Test demonstrated our ability to withstand – and remain profitable – in periods of economic stress.”
USB stock was up slightly as of Wednesday morning.
As of this writing, William White did not hold a position in any of the aforementioned securities.
