U.S. Bancorp Stock Is Trailing S&P500 By 17% YTD, What's Next?

The bank posted mixed results in the first quarter of 2024, with earnings beating the estimates but revenues missing the mark. It reported total revenues of $6.72 billion – down 6% y-o-y, primarily due to a 14% drop in the net interest income, partially offset by an 8% rise in the noninterest revenues. The NII mainly suffered because of a decline in total loans and higher interest rates on deposit mix and pricing. On the cost front, provisions for credit losses rose by 30% y-o-y to $553 million. Further, no ...