U.S. Bancorp stock rose Wednesday despite weakness in the broad equities market as the company said it would beat Wall Street profit targets for 2023, although it missed its earnings and revenue targets for the fourth quarter.
Jefferies analyst Ken Usdin said the bank’s 2023 guidance implied full-year earnings of $5.15 a share to $5.20 a share, ahead of the current analyst estimate of $5 a share compiled by FactSet.The bank completed its acquisition of Mitsubishi UFJ Financial Group for $5.5 billion in cash and 44 million shares on Dec. 1 and said the business will add 8% to 9% to its 2023 earnings per share.
For 2023, U.S. Bancorp anticipates revenue of $29 billion to $31 billion, compared to the analyst estimate of $29 billion.
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