U.S. Bancorp (NYSE: USB) is one of the largest U.S. banking franchises, with core businesses spanning consumer banking, payments, wealth management, and commercial lending. Shares recently traded around $54 per share, giving the bank a market capitalization of roughly $84.7B.
Looking at who owns U.S. Bancorp and how insiders have been trading helps clarify how large institutions and company leadership appear to be positioning around the bank’s earnings outlook, balance sheet quality, and valuation.
Who Are U.S. Bancorp’s Top Shareholders?
U.S. Bancorp’s shareholder base is led by major institutional investors that typically hold through market cycles, helping provide ownership stability. Active managers adjusted positions in both directions last quarter, reflecting mixed conviction levels.
- The Vanguard Group: 143,789,766 shares (9.24%), ~$7.84B value. Added 1,263,165 shares (+0.89%).
- BlackRock Institutional Trust Company: 84,338,343 shares (5.42%), ~$4.60B value. Cut 2,839,615 shares (3.26%).
- State Street Investment Management: 69,179,530 shares (4.45%), ~$3.77B value. Added 648,943 shares (+0.95%).
- Fidelity Management & Research: 57,491,705 shares (3.69%), ~$3.13B value. Cut 180,244 shares (0.31%).
- MUFG Bank: 44,374,155 shares (2.85%), ~$2.42B value. No reported change.
- Geode Capital Management: 37,235,971 shares (2.39%), ~$2.03B value. Added 603,561 shares (+1.65%).
- J.P. Morgan Asset Management: 29,660,077 shares (1.91%), ~$1.62B value. Added 3,346,544 shares (+12.72%).
- Norges Bank Investment Management: 21,464,864 shares (1.38%), ~$1.17B value. Added 5,208,876 shares (+32.04%).
- Aristotle Capital Management: 20,759,118 shares (1.33%), ~$1.13B value. Cut 1,059,380 shares (4.86%).
- Davis Selected Advisers: 19,431,562 shares (1.25%), ~$1.06B value. Added 99,925 shares (+0.52%).
- T. Rowe Price Associates: 18,443,291 shares (1.19%), ~$1.01B value. Added 3,887,278 shares (+26.71%).
These holdings show that U.S. Bancorp remains anchored by long-term institutional capital, while selective additions from firms like Norges Bank and J.P. Morgan Asset Management suggest some investors may be leaning more positively on valuation and longer-term fundamentals for investors.
Hedge Fund Highlights
Citadel Advisors, founded by Ken Griffin, increased its U.S. Bancorp position by about 316% last quarter and now holds roughly $128M value of shares. The move appears to reflect growing interest as sentiment toward large U.S. banks improved.
Millennium Management, led by Israel Englander, raised its stake by roughly 187% to approximately $276M value, which may suggest positioning for improved earnings visibility.
Jefferies Financial Group, run by Richard Handler, lifted its holdings by about 186%, bringing its position to just over $2M value, a smaller but notable adjustment following earlier share price volatility.
FJ Capital Management, founded by Martin Friedman, increased its exposure by roughly 131% to around $17M value, which could indicate improving confidence in U.S. Bancorp’s balance sheet strength.
Taken together, these moves show that while hedge fund positioning remains selective, several active managers appear to be increasing exposure as U.S. Bancorp’s earnings outlook and balance sheet stability improve for investors.
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U.S. Bancorp’s Recent Insider Activity
Insider filings show several transactions across officers and directors, with activity leaning toward selling but remaining limited relative to overall ownership.
- Arijit Roy (Officer): Sold ~$79K worth of shares.
- Andrew J. Cecere (Director): Multiple sales totaling ~$6.3M, alongside offsetting entries that appear administrative.
- James L. Chosy (Officer): Sold ~$2.6M worth of shares across multiple transactions.
- Lisa R. Stark (Officer): Sold ~$924K worth of shares.
- Souheil Badran (Officer): Sold ~$1.1M worth of shares.
Each transaction represented well under 0.01% of total shares outstanding, and the pattern appears more consistent with personal portfolio management than a strong directional signal for investors.
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What the Ownership & Insider Trade Data Tell Us
U.S. Bancorp’s ownership remains dominated by large institutional investors, providing a stable base of long-term capital. Hedge fund activity points to selective accumulation rather than broad-based buying, while insider transactions appear measured and modest in size.
Taken together, the data suggests U.S. Bancorp continues to be viewed as a stable, systemically important bank, though both insiders and active managers appear cautious and valuation-aware at current price levels for investors.
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