Is U.S. Bancorp (USB) Recovering Now?

Madison Investments, an investment advisor, released its “Madison Investors Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund advanced 8.5% compared to an 8.7% return for S&P 500 Index benchmark.  In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Madison Investors 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 13, 2023, U.S. Bancorp (NYSE:USB) stock closed at $35.81 per share. One-month return of U.S. Bancorp (NYSE:USB) was 7.06%, and its shares lost 23.11% of their value over the last 52 weeks. U.S. Bancorp (NYSE:USB) has a market capitalization of $54.894 billion.

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

“The bottom five individual contributors for the quarter were U.S. Bancorp (NYSE:USB), Progressive, Analog Devices, Dollar Tree, and Danaher. U.S. Bancorp continues to be ensnared in the bank-run panic, the dynamics of which we discussed in detail last quarter. We have observed deposit trends stabilizing across the banking industry and believe the risk of industry wide contagion remains low.”

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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.