U S Bancorp (USB)

U.S. Bancorp Stock (USB) dropped by 4.36% from $34.89 to $33.37 in the trading on Wednesday October 18, 2023. The reason why USB stock down today is due to the Q3 earnings report. U.S. Bancorp delivered solid results in Q3, but a decline in earnings on increased expenses and credit losses seemed to weigh on the stock as did the broader market sell-off, causing USB stock down today.

• Q3 revenue jumped 11.2% to $7.03 billion, driven in part by its acquisition of MUFG Union Bank. That matched revenue estimates at $7.02 billion.
• Noninterest expense jumped 18.1% to $4.25 billion, provision for credit losses increased 42.3% to $515 million.
• EPS adjusted for merger and integration-related costs fell from $1.18 to $1.05