U.S. Bancorp has raised its quarterly dividend by 3.8% to $0.54 per share, bringing the annualized payout to $2.16 and the yield to 3.5%. The increase is backed by accelerating earnings: revenue rose 10% year over year in the second quarter to a record $7.7 billion, net interest margin climbed to 2.79% from 2.66% a year earlier, and net income attributable to the bank rose 20% to $2.18 billion, with diluted EPS up 21.6% to $1.35. Average loans increased 7.1% to $405.5 billion and average deposits rose 2.4% to $515.1 billion, while noninterest income gained 13.7% on capital markets and investment banking momentum, helped by the BTIG acquisition. The bank's CET1 ratio stood at 10.8% at the end of the second quarter, well above the 7.1% regulatory minimum, and it repurchased $200 million of common stock during the quarter, leaving $4.1 billion under its current $5 billion buyback program. Hedge fund holders of U.S. Bancorp rose to 57 in the second quarter from 51 in the first, with First Eagle Investment Management lifting its stake above 9.1 million shares, while short interest stood at 25.4 million shares, or 1.63% of the public float.
U.S. BancorpU.S. Bancorp raised its quarterly dividend 3.8% to $0.54 per share, backed by record Q2 revenue and 20% higher net income.
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