Six of 147: One Holder Is 67.0% of the Superinvestors' U.S. Bancorp Stake. Its Insiders Have Bought Once.

GetCoattail Research — The Filing Tape #88. U.S. Bancorp reported third-quarter earnings before today's open and beat the consensus, and the filings describe a regional bank the full market keeps adding to while the tracked cohort stays tiny and concentrated: 6 of the 147 superinvestors we track hold it and one of them is 67.0% of that stake, five of the six trimmed in the second quarter, its insiders sold 3 times in the last 90 days against exactly one open-market purchase in the entire parsed record, Congress appears in none of the three aggregates we maintain, the 5% register holds no 13D-family filing at all, and the borrow sits 44.5% below its 2023 peak at 1.54% of the share count.

The Hype

U.S. Bancorp is the Minneapolis regional bank behind U.S. Bank, and today is its earnings day. The company reported third-quarter 2026 results before the open on October 15, with earnings of $1.41 per share against a $1.32 consensus and revenue of $8.04 billion against expectations of about $8 billion, according to MarketBeat. The quarter being followed was also a beat: second-quarter earnings, reported July 16, came in at $1.35 per share against a $1.28 consensus, on revenue of $7.69 billion against $7.58 billion expected. StockTwits' premarket rundown named U.S. Bancorp second in its list of the day's earnings reporters, behind only Charles Schwab and ahead of PNC, Prologis, BNY and Alcoa. The bank also paid its quarterly dividend today — $0.54 a share, raised from $0.52, to holders of record on September 30. Shares opened Thursday at $56.29. Our price file is more muted: the stock closed October 2 at $57.51, down 12.1% from its 252-session closing high of $65.42 on August 14, though still up 7.8% year to date. The filings below describe who held it, who sold it, and who was borrowing it into earnings day.

The Tape

For U.S. Bancorp — the eighty-eighth Filing Tape audit, on the expanded roster described in the notes — the tape shows a 6-name cohort whose largest holder is two-thirds of the position, a full market that added filers and shares together, an insider record with 3 sales in a quarter against one purchase in its whole history here, no congressional row in any aggregate, a 5% register with no 13D-family filing at all, and a borrow well below its 2023 peak but higher than a year ago.

Lens 1 — the superinvestors: 6 holders, one of them 67.0% of the stake. We now track 149 large, mostly long-only managers whose 13F portfolios we collect directly from SEC EDGAR — 147 filed for the second quarter (see the roster note below). As of June 30, 2026, 6 held U.S. Bancorp long, totalling 32,027,905 shares worth $1,932,843,113, with no option rows, under a single CUSIP. Christopher Davis - Davis Advisors is the largest holder, with 21,453,510 shares worth $1,295,909,823 — 67.0% of the cohort — at a 5.56% portfolio weight, labelled DECREASED (-3.5%). First Eagle Investment Management holds 9,123,058 shares worth $551,032,694 — 28.5% of the cohort — labelled INCREASED (+1.2%); the top two together are 95.5% of the position. Of the 6 continuing holders, 5 are labelled DECREASED and 1 INCREASED, and no manager is NEW: First Eagle is the only increaser, and the deepest cut is Hillman Capital Management's -21.5%, on a small 41,252-share position. No holder exited in full. This audit does not publish a quarter-to-quarter cohort total: 5 of the 6 continuing holders verify row by row and one does not, and we do not publish a cohort total built on partial verification (see methodology). 13F figures are as of June 30, 2026; funds have up to 45 days to file, so this picture is complete — and always lagging.

Lens 2 — institutions: 109 more filers, 165.8 million more shares. At June 30, 2026, 2,064 institutions reported positions, up 109 from 1,955 at March 31 (+5.58%); 2,057 are long. Reported shares rose 15.10%, from 1,098,406,282 to 1,264,222,973 — a gain of 165,816,691 shares. Reported value rose 35.36% to $74,299,039,243, labelled "reported" because the aggregate includes option rows (see methodology). The flow fields agree: 1,604 filers entered and 1,495 exited, a net of +109 matching the holder-count change.

Lens 3 — insiders: 3 sales in 90 days, and one purchase in the entire parsed record. The parsed Form 4 record holds 114 filings through October 2, 2026, and across all of it there is exactly one open-market purchase transaction: 5,000 shares for $186,600.00, by 1 buyer — and it is not an officer purchase. It also sits outside both recent windows: the last 90 days and the last year each hold 0 purchases. Sale transactions number 17 across the full record: 647,304 shares for $33,063,658.90, by 12 sellers. The last 90 days hold 3 sales: 87,141 shares for $5,482,004.86, by 3 sellers, all 3 of them officer sales. The one-year window holds 9 sales (378,416 shares, $20,406,431.46, 8 sellers) beside the same zero purchases.

Lens 4 — Congress: no row in any of the three aggregates. The combined record (as of October 3, 2026), the House aggregate (same date) and the Senate aggregate (as of October 1, 2026) each carry no row for this name — a recorded absence in all three files, not an estimate of zero trades by any other route.

Lens 5 — the 5% register: two filings, both passive, no 13D at all. Our full parse holds 2 SC 13D/G filings matching the site aggregate exactly — no SC 13D-family filing and two SC 13G-family filings (one SC 13G/A and one SC 13G), one of the two an amendment, with two reporting-person rows across two names — most recently filed April 30, 2026. The register maximum is 7.52%: Vanguard Capital Management reports 116,747,179 shares as of March 31, 2026, filed April 30, 2026 as SC 13G, and that filing is also the register's latest. The other row is The Vanguard Group printing 0 shares (0.0%) as of March 13, 2026, filed March 27, 2026 as SC 13G/A, under its own name as filed.

Lens 6 — short interest: 23,976,928 shares, 44.5% below the 2023 peak. The series covers all 137 FINRA settlements in the collection, from January 15, 2021 to September 15, 2026, with a U.S. Bancorp row at every settlement — no symbol gap. As of September 15, 2026, 23,976,928 shares were sold short, down 4.40% from the prior settlement (25,080,410 on August 31, 2026), at 3.84 days to cover. The series maximum is 43,235,255 shares on May 15, 2023 (verified by a maximum query over the series), so the latest reading sits 44.5% below the peak; the series minimum is 8,470,780 shares on December 15, 2021. Against the year-ago settlement (22,010,375 on September 15, 2025) the latest is up 8.9%, and against the June 30, 2026 settlement of 23,654,933 shares it is up 1.4%. Against 1,558,051,446 shares outstanding, the borrow is 1.54% of the share count.

The Gap

The narrative arriving with today's report is delivery: two consensus beats in a row — $1.41 against $1.32 this morning, $1.35 against $1.28 in July — a dividend raised to $0.54 and paid today, and a full market that spent the second quarter adding this bank: 109 more filers and 165,816,691 more shares, a 15.10% build, in a quarter when the price itself rose 16.1%. The filings describe the tracked cohort's part in that story in narrower terms. Six of 147 managers hold the name at all. The position is concentrated — Davis Advisors alone is 67.0% of it, the top two holders are 95.5% — and it leaned the other way in the quarter: five of the six holders are labelled DECREASED, including the largest, and the only increase is First Eagle's +1.2%. The insider record is thinner still: one purchase of 5,000 shares in the entire parsed record, none in the last year, against 17 sales, 3 of them in the last 90 days. Congress is not a small print here; it is no print at all — no row in the combined, House or Senate aggregates. The 5% register holds no activist and no 13D-family filing of any kind: its two prints are Vanguard entities, the largest at 7.52%. And the borrow is in between: 23,976,928 shares, 1.54% of the share count, 44.5% below its May 2023 peak, yet 8.9% higher than a year ago. One plausible reading is that the quarter's buying was broad and institutional while the tracked cohort's conviction stayed narrow, concentrated and mostly trimming. The record supports each clause separately; it does not say what this morning's earnings change.

What Would Change the Picture

Nothing above is a recommendation. It is a record. These filings would change it:

• 1. The 2026Q3 13Fs (filing window closing mid-November 2026). The cohort held 32,027,905 shares at June 30, with Davis Advisors at 67.0% of it and five of six holders labelled DECREASED. Whether Davis's two-thirds share of the cohort moves — and whether a seventh tracked manager appears — decides whether the register reads as one holder's position or a broadening base.
• 2. A second insider purchase, or a stop in the selling. The parsed record holds one purchase, older than a year, against 17 sales, with 3 sales in the last 90 days alone. A second purchase would be this lens's first new fact in over a year of filings; a quarter without sales would soften it the other way.
• 3. A first congressional row. The combined, House and Senate aggregates all carry no row for this name. A single reported transaction in any of the three files changes a lens that is currently an absence.
• 4. A first 13D, or a change on the Vanguard register. The register's 2 filings are both passive 13G-family prints, the largest at 7.52% as of March 31, 2026. A first activist-style 13D, or a materially different Vanguard print, would be this lens's first change of kind.
• 5. Short interest picking a direction. The borrow stands at 23,976,928 shares, up 8.9% from a year ago but 44.5% below the May 15, 2023 peak of 43,235,255 and down 4.40% at the latest settlement. A sustained build back toward the June 30, 2026 print's level and beyond would extend the year-over-year rise; a renewed decline resumes the shrink from the peak.

Related reading: Twenty-Two of 147: One Holder Is 52.3% of the Superinvestors' Schwab Stake. Its Insiders Have Bought Once. — Filing Tape #87; Ten of 147: One Holder Is 55.9% of the Superinvestors' Fiserv Stake. Its Insiders Have Never Sold a Share. — Filing Tape #86. U.S. Bancorp's own page: U.S. Bancorp (USB) on GetCoattail.

Methodology and data notes

• As-of & limits: The lenses rest on different clocks, none live: 13F is a June 30, 2026 snapshot published up to 45 days later; Form 4 runs through October 2, 2026; Congress aggregates run through October 3, 2026 (Senate file through October 1, 2026); 13D/G through April 30, 2026; short interest through September 15, 2026; the price file ends October 2, 2026. Two limits are specific to this audit. First, the roster expanded before the recent audits — from 85 managers (83 filing) to 149 (147 filing) — so "of 147" counts are not comparable to earlier pieces' "of 83" figures. Second, this morning's third-quarter earnings postdate every lens here and are known to this audit only from outside coverage, not from our own files.
• Superinvestor lens: 147 filing managers (of a 149-manager roster) collected directly from SEC EDGAR Form 13F (managers_13f collection, regenerated October 15, 2026 for the expanded roster), positions as of June 30, 2026; U.S. Bancorp identified by its single cohort CUSIP 902973304. Six distinct managers hold long positions totalling 32,027,905 shares; there are no option rows for this name in the collection, and the collection's exit list carries no row for this name. The direction count on the collection's labels, across the long rows, is five DECREASED and one INCREASED (First Eagle Investment Management). Davis Advisors' share of the cohort is 67.0% = 21,453,510 / 32,027,905; First Eagle's is 28.5% = 9,123,058 / 32,027,905; the top two together are 95.5% = 30,576,568 / 32,027,905. The cohort's reported values imply $60.35 per share against the June 30, 2026 close of $60.40 in our price file, a gap of -0.08% — four of the six holder rows imply exactly $60.40, Davis Advisors' row implies $60.41, and David Katz - Matrix Asset Advisors' row implies $57.76; those rows are printed here as filed, and the aggregate implied price is the blend. Quarter-to-quarter cohort totals are not published in this audit: following the rule used in the previous audits, each continuing holder's first-quarter row was accepted only when (a) it sits under the same filing-agent prefix as the manager's second-quarter accession — the pipeline files' accession prefixes identify filing agents, not managers, and several prefixes are shared — and (b) the row's implied shares-change reproduces the manager's EDGAR shares-change label at one decimal place. Five of the 6 continuing holders verify exactly that way; David Katz - Matrix Asset Advisors does not, so no cohort total is built on the partial verification. The site pipeline's holdings files cover 147 accessions (the expanded roster): their second-quarter CUSIP total (6 rows, 32,062,872 shares) is not the cohort — it differs from the EDGAR cohort by 34,967 shares, including rows filed under filing-agent prefixes shared with other managers.
• Full-market lens: SEC Form 13F Data Sets full-market aggregation. The primary table is the full13f collection's by-ticker file (holders = distinct filers reporting the ticker's CUSIP; 2,057 reported long positions out of 2,064 filers). U.S. Bancorp carries a single CUSIP in this aggregation (902973304), and the backfill fixtures' by-CUSIP row for it matches the by-ticker row on every field — holders, long holders, shares, reported value, prior holders and prior reported value — exactly. The by-ticker file's entered/exited fields (1,604 and 1,495, a net of +109 that matches the change in holder count) are gross flows, so this audit headlines the net change. Reported-value caution: the aggregate value ($74,299,039,243 over 1,264,222,973 shares) implies $58.77 per share against a June 30, 2026 close of $60.40 in our price file, a gap of -2.7% — printed here as found. The aggregate sums the VALUE of every information-table row — including put and call option rows — while the share count covers long common-stock rows only, so we headline filer and share counts and label dollar values "reported."
• Insider lens: full-parse Form 4 aggregation (agg_by_ticker), record as of October 2, 2026 (114 filings). Sale and purchase counts are transaction-code counts (S and P) in non-derivative rows; grants and exercises are not counted as purchases, and one filing can contain many transaction rows. Purchase transactions total one in the full parsed record — 5,000 shares for $186,600.00, by one buyer, and the one purchase is not an officer purchase transaction — and sale transactions total 17 across the record (647,304 shares, $33,063,658.90, 12 sellers, 16 of them officer sales), 9 in the one-year window (October 3, 2025 to October 2, 2026; 378,416 shares, $20,406,431.46, 8 sellers) and 3 in the 90-day window (July 5 to October 2, 2026; 87,141 shares, $5,482,004.86, 3 sellers, all 3 officer sales), with zero purchases in both the 90-day and one-year windows — so the single purchase predates the one-year window. The site's insider aggregate (compiled as of October 15, 2026, over its own 90-day window) reports 0 purchases, 3 sales and 3 sellers with $5,482,004.86 of sale value — an exact match to the full parse's 90-day window (3 sales). The full-parse aggregate's sale totals imply $62.91 per share for the 90-day window, $53.93 for the one-year window and $51.08 for the full record, each inside the traded price range of its window on our price file ($57.36 to $65.42 for the 90-day window, $45.28 to $65.42 for the one-year window, and $28.68 to $65.42 across the price file), and the single purchase's total implies $37.32 per share, inside the full price file's range, so the totals are cited as figures in this article. "Its insiders have bought once" in this audit means one purchase transaction in the parsed Form 4 record we maintain; it is a statement about that record, not about any individual's complete history.
• 13D/G lens: full-parse SC 13D/G parsed filings (2 filings matching issuer CIK 36104 on CUSIP 902973304: one SC 13G/A and one SC 13G, the /A filing being an amendment; there is no SC 13D-family filing for this issuer in the parsed coverage), filings through April 30, 2026. The site aggregation carries this name under a ticker-keyed row; that row (2 filings, 0 D-filings, 2 G-filings, 1 amendment, 2 reporters, latest date April 30, 2026, maximum 7.52% and 116,747,179 reported shares) matches the parsed filings on filings, form mix, amendments, latest date, maximum and reported-share total. The parsed reporting-person rows sum to 116,747,179 shares, but that total sums reporting-person rows across different dates, so it is not used as a stake figure in the article — it equals the largest row here only because the other row prints 0 shares. The rows are reported as filed, under the names exactly as they appear: The Vanguard Group printing 0 shares at 0.0% as of March 13, 2026, filed March 27, 2026 as SC 13G/A; and Vanguard Capital Management printing 116,747,179 shares at 7.52% as of March 31, 2026, filed April 30, 2026 as SC 13G. The Vanguard names are separate reporting persons as filed and are not combined in this audit. The parsed coverage for this issuer holds these 2 filings; a 5% holder that has not filed in the covered window would not appear here.
• Congress lens: Senate PTR archive and House PTR archive as maintained on this site. The combined record (as of October 3, 2026) carries no row for this name; the House aggregate (as of October 3, 2026) carries no row; and the Senate aggregate (as of October 1, 2026) carries no row. This audit reports that as a recorded absence in all three aggregates and does not convert it into a claim about any individual member's trading by any other route.
• Short interest lens: FINRA Equity Short Interest files (biweekly settlement dates), collected directly from FINRA's public distribution. The published series covers all 137 settlements in the collection, from January 15, 2021 (first settlement in the series, 14,648,835 shares) to September 15, 2026, and a U.S. Bancorp row appears at every settlement — there is no symbol gap in this audit, so the year-over-year comparison is published like-for-like. The latest reading is 23,976,928 shares on September 15, 2026, down 4.40% from the prior settlement (25,080,410 on August 31, 2026). The series maximum is 43,235,255 shares on May 15, 2023 (verified by a maximum query over the series, not read off the latest row), so the latest reading sits 44.5% below the maximum. The year-ago settlement (September 15, 2025) printed 22,010,375 shares, so the latest reading sits 8.9% above a year ago. The series minimum is 8,470,780 shares on December 15, 2021. One comparability note on this series: the files report each settlement as filed and do not restate earlier settlements, and the largest step between consecutive settlements in this series is 2.093x — between the March 15, 2023 settlement (12,249,705 shares) and the March 31, 2023 settlement (25,635,325 shares); our price file shows no split-style discontinuity across that step (closes of $35.44 on March 15, 2023 and $35.45 on March 30, 2023), so the step is reported as a reported build, not a split artefact. The June 30, 2026 settlement printed 23,654,933 shares, so the latest reading sits 1.4% above the 13F snapshot date's borrow. FINRA publishes each settlement about two weeks after the fact, so the October price action is not yet in this series. The share-count ratio (1.54%) uses the fundamentals file's shares-outstanding figure below.
• Fundamentals note: our fundamentals collection carries U.S. Bancorp's revenue of $28,656,000,000, net income of $7,570,000,000 and assets of $692,345,000,000, each labelled fiscal 2025 in the file. The file is marked ok for this name, with no missing fields: shares outstanding of 1,558,051,446 (as of July 31, 2026 in the file, sourced in the file to the share count) and a file-computed market value of $89,260,768,767.78. The file does not flag the issuer as a foreign private issuer, and it carries SIC 6021, National Commercial Banks. The file's price for the name is $57.29 as of October 6, 2026; our daily-close file ends October 2, 2026 at $57.51, and we keep the two files' figures separate rather than blending them.
• Prices: our own daily-close file for U.S. Bancorp through October 2, 2026 ($57.51 close, +7.8% year to date on that file; the 252-session closing high is $65.42 on August 14, 2026, so the last close sits 12.1% below it; the 252-session closing low is $45.28 on October 10, 2025, so the last close sits 27.0% above it; closes of $52.01 at March 31, 2026 and $60.40 at June 30, 2026, a second-quarter change of +16.1%; change from June 30 to October 2 of -4.8%; change from the September 30, 2025 close of $48.33 of +19.0%). The series in our price file begins June 1, 2021 at $60.99 and holds 1,342 rows; the file's lowest close is $28.68 on May 16, 2023.
• Market context sources: StockTwits' premarket rundown for October 15, 2026 (checked October 15, 2026; its "What Else To Watch On Thursday" earnings list names U.S. Bancorp second among the day's reporters, behind Charles Schwab and ahead of PNC Financial, Prologis, BNY and Alcoa; four names in its trending-stocks coverage — VNDA, SKYD, LMT and SHOP — were not used, for the data reasons stated in the notes below); MarketBeat's earnings report of October 15, 2026 (checked October 15, 2026; U.S. Bancorp reported third-quarter earnings of $1.41 per share against a $1.32 consensus on revenue of $8.04 billion against expectations of about $8 billion, shares opened Thursday at $56.29, and a quarterly dividend of $0.54, raised from $0.52, is paid October 15 to holders of record on September 30); The Lincolnian Online's earnings preview of October 14, 2026, carrying MarketBeat data (checked October 15, 2026; second-quarter earnings of $1.35 per share against a $1.28 consensus on revenue of $7.69 billion against $7.58 billion expected, reported July 16). VNDA was not used: our fundamentals collection carries no record for the name and no tracked manager holds it. SKYD was not used: our collections carry no fundamentals record, no full-market 13F row, no Form 4 aggregate row, no 13D/G aggregate row and no price file for the name. LMT was not used: its parsed Form 4 sale totals imply per-share figures ($19.66 for the 90-day window, $167.07 for the one-year window, $241.21 for the full record) that fall outside the traded ranges of those windows in our price file ($505.41 to $608.68, $439.19 to $676.70 and $326.31 to $676.70 respectively), so its insider lens cannot be reconciled. SHOP was not used: it is a foreign private issuer in our files and carries no row in the parsed Form 4 aggregate or the site insider aggregate. Figures we could not confirm were left out; the external items above are reported speech from those outlets, not GetCoattail measurements.
• U.S. Bancorp is in the GetCoattail stock-page universe: U.S. Bancorp (USB) stock page. Series data: usb_lens_data.csv · usb_short_interest_series.csv. Earlier audits: Charles Schwab · Fiserv.

Past patterns are not a promise of future results. For education only — not investment advice.

This article describes public filings as of the dates stated. It is not investment advice and makes no recommendation. Filings lag reality: 13F positions are as of June 30, 2026, and later trading is not yet public.

Revision history

• v1.0 — October 15, 2026: first publication.