Investing.com – U.S. Bancorp (NYSE:USB) shares were up more than 2% in Thursday’s premarket after it disclosed first quarter earnings that beat analysts’ forecasts.
U.S. Bancorp announced earnings per share of $1.45 on revenue of $5.47 billion. Analysts polled by Investing.com anticipated EPS of $0.9547 on revenue of $5.55 billion. Traders chose to ignore the revenues that came below expectations, buoyed by robust earnings reported by other U.S. banks as well like JPMorgan (NYSE:JPM) and Goldman Sachs (NYSE:GS).
Net income came at $2.28 billion, 94.7% higher than the $1.17 billion for the first quarter of 2020. Non-performing assets fell 7.4% from the January-March period.
Last week, JP Morgan had upgraded the parent company of U.S. Bank National Association, the fifth-largest commercial bank in the U.S. to ‘overweight’ from ‘neutral’. It raised the target for the stock to $60, a level that could be hit anytime soon given the strength in share prices today.