Forum Financial Management LP Sells 23,464 Shares of U.S. Bancorp $USB

Key Points

• Forum Financial Management LP sharply reduced its U.S. Bancorp stake by 85.3% in the first quarter, selling 23,464 shares and leaving it with 4,046 shares valued at about $210,000.
• U.S. Bancorp beat earnings expectations, reporting $1.18 EPS versus $1.14 expected and revenue of $7.32 billion, while quarterly revenue rose 4.7% year over year.
• The stock was trading near its 52-week high at $62.01, and analysts currently rate it a “Moderate Buy” with an average price target of $61.57; the company also announced a quarterly dividend of $0.52 per share.

Forum Financial Management LP cut its holdings in U.S. Bancorp (NYSE:USB - Free Report) by 85.3% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 4,046 shares of the financial services provider's stock after selling 23,464 shares during the quarter. Forum Financial Management LP's holdings in U.S. Bancorp were worth $210,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of USB. Financial Life Planners bought a new position in U.S. Bancorp in the third quarter valued at approximately $25,000. Clayton Financial Group LLC acquired a new stake in shares of U.S. Bancorp during the fourth quarter worth $25,000. JPL Wealth Management LLC bought a new stake in U.S. Bancorp in the 3rd quarter valued at $28,000. Binnacle Investments Inc lifted its position in U.S. Bancorp by 77.8% in the 3rd quarter. Binnacle Investments Inc now owns 624 shares of the financial services provider's stock valued at $30,000 after acquiring an additional 273 shares in the last quarter. Finally, Rossby Financial LCC boosted its stake in U.S. Bancorp by 57.8% in the 4th quarter. Rossby Financial LCC now owns 579 shares of the financial services provider's stock worth $31,000 after purchasing an additional 212 shares during the period. 77.60% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have issued reports on USB shares. Oppenheimer dropped their price target on U.S. Bancorp from $74.00 to $73.00 and set an "outperform" rating on the stock in a research note on Tuesday. Jefferies Financial Group reaffirmed a "hold" rating and set a $60.00 price objective on shares of U.S. Bancorp in a research report on Thursday, April 16th. Royal Bank Of Canada increased their price objective on U.S. Bancorp from $59.00 to $61.00 and gave the stock an "outperform" rating in a report on Friday, April 17th. Barclays lifted their target price on U.S. Bancorp from $65.00 to $67.00 and gave the company an "overweight" rating in a research report on Friday, April 17th. Finally, Morgan Stanley upped their price target on U.S. Bancorp from $64.00 to $67.00 and gave the stock an "equal weight" rating in a research report on Monday. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $61.57.

U.S. Bancorp Trading Up 2.7%

Shares of NYSE:USB opened at $62.01 on Thursday. The company's 50-day moving average price is $56.38 and its two-hundred day moving average price is $55.40. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.81 and a quick ratio of 0.81. U.S. Bancorp has a one year low of $43.46 and a one year high of $62.20. The stock has a market capitalization of $96.18 billion, a PE ratio of 13.00, a price-to-earnings-growth ratio of 1.04 and a beta of 0.96.

U.S. Bancorp (NYSE:USB - Get Free Report) last posted its quarterly earnings data on Thursday, April 16th. The financial services provider reported $1.18 EPS for the quarter, topping analysts' consensus estimates of $1.14 by $0.04. The company had revenue of $7.32 billion during the quarter, compared to the consensus estimate of $7.27 billion. U.S. Bancorp had a net margin of 18.01% and a return on equity of 13.55%. The company's quarterly revenue was up 4.7% on a year-over-year basis. During the same period in the prior year, the business posted $1.03 EPS. On average, equities analysts forecast that U.S. Bancorp will post 5.09 EPS for the current fiscal year.

U.S. Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th will be given a dividend of $0.52 per share. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $2.08 annualized dividend and a yield of 3.4%. U.S. Bancorp's dividend payout ratio is 43.61%.

Insider Buying and Selling

In other news, insider Jodi L. Richard sold 40,000 shares of the company's stock in a transaction that occurred on Tuesday, April 21st. The stock was sold at an average price of $57.00, for a total transaction of $2,280,000.00. Following the sale, the insider owned 207,251 shares in the company, valued at $11,813,307. This represents a 16.18% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Venkatachari Dilip sold 34,522 shares of the stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $55.52, for a total value of $1,916,661.44. Following the completion of the sale, the executive vice president directly owned 51,292 shares of the company's stock, valued at approximately $2,847,731.84. The trade was a 40.23% decrease in their position. The SEC filing for this sale provides additional information. 0.21% of the stock is owned by company insiders.

About U.S. Bancorp

U.S. Bancorp NYSE: USB is a bank holding company and the parent of U.S. Bank, a national commercial bank that provides a wide range of banking, investment, mortgage, trust and payment services. The company operates through consumer and business banking, commercial banking, payment services, and wealth management segments. Its product set includes deposit accounts, consumer and commercial lending, mortgage origination and servicing, credit and debit card services, treasury and cash management, merchant processing, and institutional and trust services.

Headquartered in Minneapolis, Minnesota, U.S.

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