Updated to correct market close share price.
NEW YORK (TheStreet) -- U.S. Bancorp (USB) is moving lower on Wednesday after first-quarter profits fell 4% on sluggish mortgage revenue. The bank reported attributable net income of $1.33 billion, lower than $1.39 billion a quarter earlier and $1.35 billion in the year-ago quarter.
"The decrease in net income year-over-year was principally due to a decrease in mortgage banking revenue," the company said in a statement.
Total net revenue of $4.8 billion was 1.2% lower than a year earlier.
By market close, shares had slipped 1.3% to $40.47.
TheStreet Ratings team rates U S BANCORP as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate U S BANCORP (USB) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its solid stock price performance, growth in earnings per share, expanding profit margins and increase in net income. We feel these strengths outweigh the fact that the company shows weak operating cash flow."
- You can view the full analysis from the report here: USB Ratings Report