U.S. Bancorp tops 1Q profit forecasts

MINNEAPOLIS (AP) _ U.S. Bancorp (USB) on Wednesday reported first-quarter profit of $1.39 billion.

The bank, based in Minneapolis, said it had earnings of 76 cents per share.

The results exceeded Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of 75 cents per share.

The financial services holding company posted revenue of $4.98 billion in the period, which fell short of Street forecasts. Six analysts surveyed by Zacks expected $5.07 billion.

U.S. Bancorp shares have fallen nearly 2 percent since the beginning of the year, while the Standard & Poor's 500 index has risen almost 3 percent. The stock has declined 2 percent in the last 12 months.

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on USB athttp://www.zacks.com/ap/USB