5 Best Local Bank Stocks to Buy According to Hedge Funds

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

Number of Hedge Fund Holders: 48

As of June 14, Gerard Cassidy at RBC Capital holds an Outperform rating on U.S. Bancorp (NYSE:USB) shares. The analyst also holds a $49 price target on the shares.

Operating as a diversified banking and financial services company based in Minneapolis, Minnesota, U.S. Bancorp (NYSE:USB) offers a range of financial products and services in the US. Its products and services include checking accounts, savings accounts, time certificate contracts, lending services, and more.

U.S. Bancorp (NYSE:USB) was spotted in the 13F holdings of 48 hedge funds in the first quarter, with a total stake value of $742 million.

In its first-quarter 2023 investor letter, ClearBridge Investments made the following comment about U.S. Bancorp (NYSE:USB):

“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.”