US Bancorp (USB.N): 2Q26 Preview – Still Too Much Value on the Table + Upside Into 2Q and Full-Year

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US Bancorp (USB.N): 2Q26 Preview – Still Too Much Value on the Table + Upside Into 2Q and Full-Year

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22 Jun 2026 16:05:00 ET │ 14 pages

US Bancorp (USB.N)

2Q26 Preview – Still Too Much Value on the Table + Upside Into 2Q and

Full-Year

CITI’S TAKE Buy

In our view, USB remains one of the more underappreciated stories among Price (18 Jun 26 16:00) US$58.14

the super regionals. Despite trading roughly in-line with the BKX YTD, USB Target price US$70.00

continues to trade at a meaningful discount on our implied cost-of-equity

Expected share price return 20.4% metric (~11.1% vs 10.1% universe median). While ROTCE expectations have

improved broadly for our coverage, USB is one of few names where implied Expected dividend yield 3.6%

cost-of-equity has also increased, which we attribute to the stock fighting Expected total return 24.0%

broader industry cross-currents whether it be credit card regulation, AI- Market Cap US$90,251M

related concerns to payments, or changing rate expectations, suggesting

the market is under-appreciating the resilience of USB’s revenue profile.

Recent conference commentary was constructive, with mgmt raising 2Q

NII and fee guidance while reiterating expense guidance of up 3-4% y/y. Benjamin GerlingerAC

We see upside into both 2Q and 2026 and expect another beat-and-raise +1-212-816-3538

quarter. With sentiment still relatively debated (Fig 3), bar feels low and benjamin.gerlinger@citi.com

2Q results could drive full-year upside. Mikhail Mrotchek

+1-212-816-2345

Estimate Changes — Our 2026E EPS unchanged at $5.15 (vs. FactSet consensus of misha.mrotchek@citi.com

$5.10), 2027E EPS increases 10c to $5.90 (vs. FactSet consensus of $5.67), and Kaili Wang, CFA

2028E EPS increases 15c to $6.65 (see Fig 1 for more detail).