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Stock impact report

U.S. Bancorp Likely Needs More Reserves [Seeking Alpha]

U.S. Bancorp (USB) 
Last u.s. bancorp earnings: 4/15 06:45 am Check Earnings Report
Company Research Source: Seeking Alpha
SummaryU.S. Bancorp's first-quarter results weren't all that impressive, with higher operating expenses largely canceling out some outperformance in revenue.Management added $600M to reserves, but will likely have to add more to handle an upcoming surge in charge-offs.Neither U.S. Bancorp's greater leverage to consumer health nor its lower capital levels are ideal today relative to its peer group.U.S. Bancorp shares do look significantly undervalued on a long-term core earnings basis, but it's not my favorite idea today.As I said in another piece on the banking sector, I’m reluctant to overly nitpick the reserve-building decisions that bank management teams are making, as they’re likely doing the best they can in an environment that could only charitably be called “murky.” Still, I thinkUSBSentimentwas already a challengeBank of AmericaBACJPMorganPNCNot A Particularly Impressive Set Of ResultsThere’s definitely panic in the valuations of the banking sector in general, with the market Show less Read more
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