4 models fit U.S. Bancorp Common Stock and they disagree: 1 of 4 land within 15% of the average.
Two or more of our models back this value.
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Valued as a bank: Residual income, P/E comparison, Dividend discount, and Graham number.
ACCE opinionU.S. Bancorp Common Stock (USB)
Fair value (4 models)
$53.55
ACCE price target
$65.00
Rating
Overvalued
Horizon
12 months
Fair value published on 18 Oct 2026, 15:05 CEST; previously $60.86 since 18 Oct 2026, 00:00 CEST.
ACCE price target published on 18 Oct 2026, 01:52 CEST; previously $64.00 since 18 Sept 2026, 00:00 CEST.
Price used: $59.58 at the close on 23 Oct 2026, 22:00 CEST.
Models: P/E comparison, Graham number, Dividend discount, and Residual income.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
Price vs fair value
11.3% above
-10.1% to fair value
ACCE score
71
out of 100
Analysts
67% buy
24 covering
P/E
11.7x
forward 10.4x
1-year return
+24.6%
Dividend yield
3.56%
U.S. Bancorp Common Stock in four questions
Plain answers, details below
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Overview
ACCE thesis
U.S. Bancorp runs a diversified regional bank out of its Minneapolis base, with consumer and business lending, payments processing through its Elavon and merchant acquiring operations, corporate trust, and a large wealth management arm. The franchise has a structural edge in fee income from payments and trust, which dampens the earnings swings that hit pure lenders when rates or credit turn. Revenue grew 10.4% over the period in the data, and the stock trades at 11.4x trailing and 10.1x forward earnings, a modest multiple for a bank of this scale at an $89.4B market cap. Return on equity of 12.6% is respectable rather than exceptional, so the case rests on whether that profitability holds and whether the forward earnings estimate proves conservative. Worth a deeper look to test the net interest margin trajectory and credit quality against that forward multiple.