US BANCORP DEL

USB Q1 2026 institutional ownership is a $61.5B book across 1,896 holders. BlackRock is the largest holder at $6.7B (128.4M shares, -0.2%, -$217M from share DECREASED; passive rebalancing artifact). Vanguard Capital Management $5.2B (100.9M shares, NEW); Vanguard Portfolio Management $1.5B (30.0M shares, NEW); Vanguard Fiduciary Trust $455M (8.7M shares, NEW). State Street $3.6B (69.4M shares, -0.2%, -$110M). JPMorgan $3.1B (61.7M shares, +27.0%, + $549M) -- the largest add, building from $485M to $3.14B. FMR LLC $3.0B (57.2M shares, -5.8%, - $361M) -- the largest seller. MUFG Bank $2.3B (44.4M shares, UNCHANGED, - $60M). Geode Capital $2.0B (38.4M shares, +0.7%, + $11M). Morgan Stanley $1.5B (29.3M shares, +8.2%, + $79M). Capital Research Global $615M (11.8M shares, +103.8%, + $318M) -- aggressive build. Northern Trust $880M (17.0M shares, +5.7%, + $9M). Davis Selected $1.2B (22.2M shares, +0.09%). GMO $994M (19.1M shares, +6.6%, + $12M). Aristotle Capital $975M (18.7M shares, -3.8%, - $74M). Invesco $895M (17.2M shares, -2.5%, - $44M). RBC $860M (16.5M shares, -12.4%, - $120M). Bank of America $823M (15.8M shares, +2.2%, + $33M). Goldman Sachs $694M (13.3M shares, +3.2%, + $39M). UBS AM $652M (12.5M shares, +1.3%, + $2M). Federated Hermes $599M (11.5M shares, +0.08%). BNY Mellon $476M (9.1M shares, -1.8%). Hotchkis & Wiley $588M (11.3M shares, -5.7%, - $35M). New positions: Vanguard three. Sellers: FMR - $361M, BlackRock - $217M, RBC - $120M, State Street - $110M, Aristotle - $74M, Invesco - $44M, MUFG - $60M (UNCHANGED artifact), Hotchkis - $35M. Buyers: JPMorgan + $549M, Capital Research + $318M, Ameriprise + $121M, First Trust + $114M, Franklin + $81M, Goldman + $39M, BofA + $33M, Northern Trust + $9M, Davis + $20M, GMO + $12M, Morgan Stanley + $79M. The 75.50 whaleScore reflects AUM. Smart-money read: lean-cautious on USB. JPMorgan's + $549M is the defining signal: a major bulge-bracket bank increasing exposure to a regional bank peer is unusual and suggests either (a) relative-value trade or (b) USB-specific catalyst expectations. Capital Research's + $318M from de minimis is another aggressive build. However, FMR - $361M and the broad passive-custodial reductions (BlackRock, State Street, RBC, BNY Mellon) create a mixed signal. Net read: slightly cautious on USB -- the active-manager adds (JPMorgan, Capital Research) are strong signals but insufficient to offset the breadth of passive/custodial reallocation away from financials/regional banks. This is consistent with the broader Q1 2026 financials rotation (SPGI net-bearish).