U.S. Bancorp (USB) Declined on the Recent Mini-Crisis in the Banking Industry

Mairs & Power, an investment advisor, released “Mairs & Power Growth Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. The market has risen 24% in the second quarter from its last fall. The fund also had a positive start to the year and was up 18.82% compared to a 16.89% increase for the S&P 500 TR Index and 13.39% for the peer group as measured by the Morningstar Large Blend category. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Mairs & Power Growth 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 August 23, 2023, U.S. Bancorp (NYSE:USB) stock closed at $36.25 per share. One-month return of U.S. Bancorp (NYSE:USB) was -6.62%, and its shares lost 24.10% of their value over the last 52 weeks. U.S. Bancorp (NYSE:USB) has a market capitalization of $56.44 billion.

Mairs & Power Growth Fund made the following comment about U.S. Bancorp (NYSE:USB) in its second quarter 2023 investor letter:

“Notable detractors to performance in the first half were U.S. Bancorp (NYSE:USB), Charles Schwab (SCHW), and UnitedHealth Group (UNH), which were down 22.09%, 31.65%, and 8.65%, respectively. US Bank, based in Minnesota, was caught up in the recent mini crisis in the banking industry. The company recently acquired Union Bank for $8 billion, which hit its capital reserve levels, and the timing was unfortunate given the selloff in the industry following that acquisition. However, we believe US Bank should be able to rebuild its capital reserve over the coming quarters, putting it in a better position to withstand future negative events in the industry.”

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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, 42 hedge fund portfolios held U.S. Bancorp (NYSE:USB) at the end of second quarter which was 48 in the previous quarter.

We discussed U.S. Bancorp (NYSE:USB) in another article and shared the list of best regional bank dividend stocks. 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.