5. USBancorp (USB)
USBancorp saw its market share in mortgage originations rise 30% in the fourth quarter versus all of 2010 to 4.6% of the market.Miller reiterated his "outperform" rating on the shares, increasing his price target to $33 from $32 following the fourth quarter earnings release. "This quarter was another strong result where the company continued to take market share from other commercial lenders and still show considerable improvement in credit metrics while others are starting to see the pace slow," Miller wrote. He argues management's conservative stance, the bank's diverse platform, and the company's significant commercial and industrial and auto lending businesses have positioned the bank "to thrive in any economic environment." FBR estimates USBancorp has roughly $4.3B of current excess capital over regulatory requirements. Miller expects the company to use roughly $1.5 billion of the excess capital buying back stock and another $1.1 billion to issue dividends during 2012.
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