Home Equities Score Here is why U.S. Bancorp (USB) stock ended the week on a...

Here is why U.S. Bancorp (USB) stock ended the week on a positive note?

USB’s stock gained 1.32% to close Friday’s session at $61.91 and remained unchanged in the after-market session on Friday. USB shares have risen 98.62% over the last 12 months, and they have moved up only 0.88% in the past week. Over the past three months, the stock has gained 29.95%, while over the past six months, it has soared 41.51%. Further, the company has a current market of $91.02 billion and its outstanding shares stood at 1.50 billion.

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Let’s discuss the recent news about U.S. Bank.

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$25 million fund for microbusiness owners

On May 4, 2021, U.S. Bank introduced the details of the $25 million U.S. Bank access fund for women of colour microbusiness owners, prioritizing 30,000 black women business owners.

Read More

The fund will provide long-term investments of grants and capital funding to three partners: the African American Alliance of Black CDFI CEOs (the Alliance), Grameen America and Local Initiatives Support Corporation (LISC).

Offering a customized suite of solutions to SPACs

U.S. Bank now offers integrated, end-to-end solutions to the regulatory and accounting services and trustee needs a SPAC sponsor requires.

A SPAC is a company that is formed to raise capital in an IPO to acquire an existing company (or companies).

First-quarter 2021 results

On April 13, 2021, U.S. Bank announced its financial results for the first quarter of 2021 ended on March 31, 2021.

Q1 2021 highlights

  • Net income attributable to U.S. Bancorp was $2,280 million for the first quarter of 2021, compared to $1,171 million for the first quarter of 2020.
  • First-quarter noninterest income was $2,381 million compared to $2,525 million in Q1 2020.
  • Diluted earnings per common share were $1.45 in the first quarter of 2021, compared with $0.72 in the first quarter of 2020.
  • First-quarter noninterest expenses were $3,379 million compared to $3,316 million in Q1 2020.
  • S. Bank net revenue was $5,470 million in Q1 2021 compared to $5,772 million in Q1 2020.
  • The average total loans for the first quarter of 2021 were $3.7 billion.
  • The average total deposits for the first quarter of 2021 were $63.6 billion.

Redemption of medium-term notes

on April 23, 2021, U.S. Bancorp announced the redemption of all its outstanding 4.125% Medium-Term Notes, Series T (Senior), due May 24, 2021.

The redemption price for the Medium-Term Notes will be equal to $1,000 per $1,000 original principal amount, plus any accrued and unpaid interest to, but excluding, the redemption date of April 23, 2021.

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Conclusion

The U.S. Bankcorp is well established financial institution and though we do not have any recent news. USB shares can continue to gain in the coming days, based on its past developments which we have discussed above.

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