Should You Buy U.S. Bancorp (USB)?

ClearBridge Investments, an investment management company, released its “ClearBridge Large Cap Value Strategy” first quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy underperformed its benchmark, the Russell 1000 Value Index, in the first quarter. On an absolute basis, the strategy gained from 5 of the 11 sectors in which it was invested for the quarter. The information technology (IT) and communication services sectors were the leading contributors while health care and financials sectors detracted. Overall stock selection detracted from the performance on a relative basis while sector allocation was positive. In addition, please check the fund’s top five holdings to know its best picks in 2023.

ClearBridge Large Cap Value Strategy highlighted stocks like U.S. Bancorp (NYSE:USB) in the first quarter 2023 investor letter. Headquartered in Minneapolis, Minnesota, U.S. Bancorp (NYSE:USB) is a financial service holding company. On July 3, 2023, U.S. Bancorp (NYSE:USB) stock closed at $33.58 per share. One-month return of U.S. Bancorp (NYSE:USB) was 2.91%, and its shares lost 27.72% of their value over the last 52 weeks. U.S. Bancorp (NYSE:USB) has a market capitalization of $51.475 billion.

ClearBridge Large Cap Value Strategy made the following comment about U.S. Bancorp (NYSE:USB) in its first quarter 2023 investor letter:

“Our quality bias has always led us to gravitate toward banks with strong and diverse deposit bases; those we own tend to be the larger players, which we also expect to be the biggest beneficiaries from a flight to safety in terms of deposits. JPMorgan Chase comes to mind especially here, but so does Bank of America despite its weakness in March, as well as U.S. Bancorp (NYSE:USB), to which we added opportunistically in the quarter.”

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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 Tweedy, Browne’s views on the company. In addition, please check out our hedge fund investor letters Q1 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.