Why US Bancorp Stock Jumped 14.2% in January
US Bancorp (NYSE: USB) had a great month of January: Its share price gained 14.2% last month, according to S&P Global Market Intelligence. US Bancorp is currently up about 13% year to date as of February 8, trading at around $49 per share. US Bancorp topped all of the major indexes in January -- the S&P 500 was up 6.2%, the Dow Jones Industrial Average gained 2.8%, and the Nasdaq Composite was up 10.7% for the month.
US Bancorp, the holding company for US Bank, surged in January on the strength of a solid fourth-quarter and year-end 2022 earnings report. The bank beat analysts' earnings expectations.
Net revenue was up 12% in the fourth quarter year over year to $6.4 billion on a 37% increase in interest income due to higher interest rates and an 8% increase in total loans to $360 billion. Net interest margin ticked up to 3.01% from 2.83% the previous quarter and 2.40% a year ago.
Source Fool.com
