5 Best Bank Stocks to Buy According to Matthew Lindenbaum’s Basswood Capital

4. U.S. Bancorp (NYSE:USB)

Basswood Capital Stake: $53,018,000

Percentage of Basswood Capital‘s Portfolio: 3.33%

Number of Hedge Fund Holders: 43

U.S. Bancorp (NYSE:USB) is a financial services corporation providing services including commercial banking, retail banking, mortgages, etc., mainly in the Western and Midwestern United States. Matthew Lindenbaum didn’t make any changes to his stake in U.S. Bancorp (NYSE:USB) during Q2 2022. The fund held 1,152,063 shares of the company at the end of the second quarter ending June 2022.

On October 14, Vivek Juneja, an analyst at JPMorgan, reduced his price target on U.S. Bancorp (NYSE:USB) to $46. The analyst currently has an Overweight rating on the company but has reduced his price target on the stock as he believes that the rising interest rates pose the risk of a recession and a slowdown in loan growth for the bank.

Here is what ClearBridge Investments Dividend Strategy has to say about U.S. Bancorp (NYSE:USB) in its Q4 2021 investor letter:

Over the last year, we have repositioned our portfolio to navigate the course we see ahead. We have increased our exposure to interest-rate sensitive banks by adding to existing positions in U.S. Bancorp.

According to Insider’s Monkey database, 43 hedge funds owned stakes in U.S. Bancorp (NYSE:USB) at the end of Q2 2022, while Berkshire Hathaway remained the hedge fund with the largest holding in the stock. The fund owned 119,805,135 shares of the company at the end of Q2 2022.