Monitor the company's next quarterly earnings for any impact of the capital raise on regulatory ratios and any future use of proceeds. The 7.20% coupon is a fixed rate for the first five years; watch for any changes in the Five-Year Treasury Rate at the first reset date in January 2032.
Price Chart
Executive Summary
U.S. Bancorp issued and closed the sale of 1,000,000 depositary shares (each representing 1/25th of a share of Series P Preferred Stock) for gross proceeds of $1.0 billion, raising additional Tier 1 capital. The Series P Preferred Stock has a liquidation preference of $25,000 per share, a fixed dividend rate of 7.20% through January 15, 2032, and a floating rate thereafter (Five-Year Treasury Rate plus 2.269%). The filing also amends the certificate of incorporation to establish the terms of this new preferred stock series.
Key Facts
- U.S. Bancorp sold 1,000,000 depositary shares, each representing 1/25th of a share of Series P Preferred Stock, at $1,000 per depositary share (implied gross proceeds of $1.0 billion).
- The Series P Preferred Stock has a liquidation preference of $25,000 per share, par value $1.00 per share.
- Dividends are non-cumulative, payable quarterly at 7.20% per annum through January 15, 2032, then reset every five years at the Five-Year Treasury Rate plus 2.269%.
- The preferred stock is perpetual with no maturity date; the company may redeem on or after January 15, 2032, at $25,000 per share plus declared and unpaid dividends.
- The company filed a Certificate of Designations with the Delaware Secretary of State on October 29, 2026, establishing the terms of the Series P Preferred Stock.
- The offering was underwritten by U.S. Bancorp Investments, Inc., Barclays Capital Inc., Morgan Stanley & Co. LLC, and others.
- The company has a market capitalization of $92.9 billion as of the analysis time.
Financial Impact
Gross proceeds of $1.0 billion from the sale of 1,000,000 depositary shares at $1,000 each; net proceeds not disclosed but will be used for general corporate purposes.
Risk Factors
- The preferred stock is non-cumulative; if dividends can be skipped without accrual.
- The preferred stock is perpetual and redeemable only at the company's option after January 15, 2032, subject to regulatory approval.
- The floating rate after 2032 introduces interest rate risk for holders.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 10 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-441737 |
| Document: d20659dex12.htm | 0001193125-26-441737 |
| Document: d20659dex41.htm | 0001193125-26-441737 |
| Document: d20659d8k.htm | 0001193125-26-441737 |
| Document: d20659dex11.htm | 0001193125-26-441737 |
| Document: d20659dex42.htm | 0001193125-26-441737 |
| Document: d20659dex51.htm | 0001193125-26-441737 |
| Document: 0001193125-26-441737-index-headers.html | 0001193125-26-441737 |
| Document: 0001193125-26-441737-index.html | 0001193125-26-441737 |
| Document: 0001193125-26-441737.txt | 0001193125-26-441737 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 30, 2026 2d ago | 8-K | $61.05 | awaiting T+1 | awaiting T+1 | $59.45 (−2.62%) |
Oct 29, 2026 3d ago | 8-K | $60.64 $59.45 | ▼ −1.96% | ▼ −0.19% | $59.45 (−1.96%) |
Oct 15, 2026 17d ago | 8-K | $57.39 $58.73 | ▼ −2.33% | ▼ −3.44% | $59.45 (−3.59%) |
Aug 12, 2026 11w ago | 13F-HR | $65.02 $65.17 | ▲ +0.23% | ▼ −0.47% | $59.45 (−8.57%) |
Jul 24, 2026 14w ago | Insider Cluster | $63.49 $64.43 | ▲ +1.48% | ▲ +1.24% | $59.45 (−6.36%) |
Jul 20, 2026 14w ago | ANALYST-UPGRADE | $63.14 $63.71 | ▲ +0.90% | ▲ +0.07% | $59.45 (−5.84%) |
Jul 16, 2026 15w ago | 8-K | $64.01 $63.14 | ▼ −1.36% | ▼ −0.37% | $59.45 (−7.12%) |
Jul 6, 2026 16w ago | ANALYST-UPGRADE | $62.83 $62.89 | ▲ +0.10% | ▲ +0.57% | $59.45 (−5.38%) |
Apr 16, 2026 28w ago | 8-K | $17.92 $18.00 | ▲ +0.45% | ▼ −0.77% | $59.45 (+231.75%) |
Apr 8, 2026 29w ago | 8-K | $17.85 $17.79 | ▼ −0.34% | ▼ −0.27% | $59.45 (+233.05%) |
US Market Status
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