Should You be Positive on U.S. Bancorp (USB) Stock?

Madison Investments, an investment advisor, released its “Madison Sustainable Equity Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. The market delivered a strong performance again in the second quarter with the S&P 500 up 8.7%. Technology stocks contributed more than half of the S&P 500’s return. However, Madison Sustainable Equity Fund lagged behind the S&P 500 in the second quarter. Both sector allocation and stock selection were headwinds. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Madison Sustainable Equity Fund highlighted stocks like U.S. Bancorp (NYSE:USB) in the second quarter 2023 investor letter. Headquartered in Minneapolis, Minnesota, U.S. Bancorp (NYSE:USB) is a financial service holding company. On July 17, 2023, U.S. Bancorp (NYSE:USB) stock closed at $35.26 per share. One-month return of U.S. Bancorp (NYSE:USB) was 5.00%, and its shares lost 25.71% of their value over the last 52 weeks. U.S. Bancorp (NYSE:USB) has a market capitalization of $54.051 billion.

Madison Sustainable Equity Fund made the following comment about U.S. Bancorp (NYSE:USB) in its second quarter 2023 investor letter:

“U.S. Bancorp (NYSE:USB) stock continued to fall in the second quarter. We continue to be positive on US Bancorp. The Union Bank acquisition will result in solid earnings accretion over the next two years. Additionally, US Bank has outlined its path to build capital over the next 18 months. Importantly, US Bancorp has an A+ rated balance sheet (rated by S&P), very strong liquidity coverage ratio (122%), with ample access to additional funding sources, and an attractively priced stock.”

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U.S. Bancorp (NYSE:USB) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 48 hedge fund portfolios held U.S. Bancorp (NYSE:USB) at the end of first quarter 2023 which was 58 in the previous quarter.

We discussed U.S. Bancorp (NYSE:USB) in another article and shared the list of best local bank stocks to buy according to hedge funds. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.