Mackenzie Financial Corp Grows Holdings in U.S. Bancorp (NYSE:USB)

Key Points

• Mackenzie Financial Corp increased its holdings in U.S. Bancorp by 15.0%, owning 215,487 shares worth approximately $9.1 million after adding 28,094 shares in the first quarter.
• U.S. Bancorp reported $1.11 EPS for the last quarter, beating estimates by $0.04, and a net margin of 16.30% with a year-over-year revenue increase of 2.0%.
• The company declared a $0.50 quarterly dividend, resulting in an annualized dividend of $2.00, which reflects a yield of 4.5%.

Mackenzie Financial Corp grew its stake in U.S. Bancorp (NYSE:USB - Free Report) by 15.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 215,487 shares of the financial services provider's stock after buying an additional 28,094 shares during the period. Mackenzie Financial Corp's holdings in U.S. Bancorp were worth $9,098,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of USB. Brighton Jones LLC grew its stake in U.S. Bancorp by 323.0% in the 4th quarter. Brighton Jones LLC now owns 48,274 shares of the financial services provider's stock worth $2,309,000 after buying an additional 36,863 shares in the last quarter. Cinctive Capital Management LP purchased a new position in U.S. Bancorp in the 4th quarter worth approximately $4,102,000. OneAscent Financial Services LLC purchased a new position in U.S. Bancorp in the 4th quarter worth approximately $498,000. Westpac Banking Corp grew its stake in U.S. Bancorp by 9.8% in the 4th quarter. Westpac Banking Corp now owns 12,795 shares of the financial services provider's stock worth $612,000 after buying an additional 1,142 shares in the last quarter. Finally, World Investment Advisors boosted its stake in shares of U.S. Bancorp by 26.5% in the 4th quarter. World Investment Advisors now owns 66,545 shares of the financial services provider's stock valued at $3,183,000 after purchasing an additional 13,926 shares in the last quarter. Hedge funds and other institutional investors own 77.60% of the company's stock.

U.S. Bancorp Stock Down 2.1%

Shares of NYSE USB opened at $44.92 on Friday. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.16. U.S. Bancorp has a 12 month low of $35.18 and a 12 month high of $53.98. The firm has a market capitalization of $69.99 billion, a PE ratio of 10.75, a price-to-earnings-growth ratio of 1.44 and a beta of 0.99. The firm has a fifty day simple moving average of $45.15 and a two-hundred day simple moving average of $44.15.

U.S. Bancorp (NYSE:USB - Get Free Report) last issued its quarterly earnings data on Thursday, July 17th. The financial services provider reported $1.11 EPS for the quarter, topping the consensus estimate of $1.07 by $0.04. U.S. Bancorp had a net margin of 16.30% and a return on equity of 13.08%. The business had revenue of $7.06 billion during the quarter, compared to analyst estimates of $7.07 billion. During the same period in the prior year, the business earned $0.98 EPS. The company's revenue for the quarter was up 2.0% on a year-over-year basis. Equities analysts expect that U.S. Bancorp will post 4.38 earnings per share for the current year.

U.S. Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were paid a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 4.5%. The ex-dividend date was Monday, June 30th. U.S. Bancorp's dividend payout ratio (DPR) is presently 47.85%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. TD Cowen assumed coverage on shares of U.S. Bancorp in a research note on Thursday, May 15th. They issued a "buy" rating and a $60.00 price objective for the company. Piper Sandler cut their price objective on shares of U.S. Bancorp from $49.00 to $48.00 and set an "overweight" rating for the company in a research note on Thursday, April 17th. Morgan Stanley upped their price objective on shares of U.S. Bancorp from $51.00 to $52.00 and gave the company an "overweight" rating in a research note on Friday, July 18th. Cowen assumed coverage on shares of U.S. Bancorp in a research note on Wednesday, May 14th. They issued a "buy" rating for the company. Finally, JPMorgan Chase & Co. reaffirmed an "underweight" rating and issued a $43.50 price objective (down previously from $51.00) on shares of U.S. Bancorp in a research note on Thursday, April 3rd. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $52.55.

Insider Activity

In related news, EVP Souheil Badran sold 23,727 shares of the stock in a transaction dated Monday, July 21st. The shares were sold at an average price of $46.34, for a total value of $1,099,509.18. Following the completion of the transaction, the executive vice president directly owned 70,346 shares in the company, valued at $3,259,833.64. This trade represents a 25.22% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.23% of the stock is currently owned by insiders.

U.S. Bancorp Company Profile

U.S. Bancorp, a financial services holding company, provides various financial services to individuals, businesses, institutional organizations, governmental entities, and other financial institutions in the United States. It operates through Wealth, Corporate, Commercial and Institutional Banking; Consumer and Business Banking; Payment Services; and Treasury and Corporate Support segments.

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