UNION PAC CORP UNP
COM · Common Stock · CUSIP 907818108 · ISIN US9078181081
American railroad company
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($451.9m this quarter). Holder counts are more reliable. Shares outstanding: 593.0m as of 2025-07-18, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $229.99. Options: 50 managers hold calls ($1.4bn notional), 46 hold puts ($894.9m).
Trends to Q2 2025
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 2,329 |
| Q4 2022 | 2,420 |
| Q1 2023 | 2,379 |
| Q2 2023 | 2,417 |
| Q3 2023 | 2,403 |
| Q4 2023 | 2,581 |
| Q1 2024 | 2,617 |
| Q2 2024 | 2,574 |
| Q3 2024 | 2,616 |
| Q4 2024 | 2,701 |
| Q1 2025 | 2,703 |
| Q2 2025 | 2,671 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q3 2023 | 1,001 | 1,106 |
| Q4 2023 | 1,118 | 1,053 |
| Q1 2024 | 1,097 | 1,162 |
| Q2 2024 | 1,131 | 1,143 |
| Q3 2024 | 1,168 | 1,084 |
| Q4 2024 | 1,088 | 1,168 |
| Q1 2025 | 1,171 | 1,215 |
| Q2 2025 | 1,062 | 1,345 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q3 2024 | $1.2bn | $1.2bn | 0.99 |
| Q4 2024 | $1.2bn | $914.0m | 0.75 |
| Q1 2025 | $1.3bn | $883.5m | 0.67 |
| Q2 2025 | $1.4bn | $894.9m | 0.62 |
Biggest buyers
| ROYAL BANK OF CANADA | Added | +7.0m |
| MILLENNIUM MANAGEMENT LLC | Added | +1.7m |
| CITADEL ADVISORS LLC | Added | +1.6m |
| Amundi | Added | +1.3m |
| Balyasny Asset Management L.P. | Added | +1.2m |
| Rothschild & Co Wealth Management UK Ltd | Added | +983.9k |
| TWO SIGMA INVESTMENTS, LP | Added | +945.0k |
| Qube Research & Technologies Ltd | Added | +916.5k |
| BANK OF AMERICA CORP /DE/ | Added | +868.1k |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | Added | +778.4k |
Biggest sellers
| JPMORGAN CHASE & CO | Reduced | -8.4m |
| Capital Research Global Investors | Reduced | -4.4m |
| VOYA INVESTMENT MANAGEMENT LLC | Reduced | -1.6m |
| Brookfield Corp /ON/ | Reduced | -1.5m |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | Reduced | -877.0k |
| FMR LLC | Reduced | -704.6k |
| CITIGROUP INC | Reduced | -656.1k |
| PRICE T ROWE ASSOCIATES INC /MD/ | Reduced | -652.4k |
| Auto-Owners Insurance Co | Reduced | -624.0k |
| Clearbridge Investments, LLC | Reduced | -508.7k |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $213.4m927.4k shares |
| CITADEL ADVISORS LLC | Reduced | $166.9m725.2k shares |
| BANK OF AMERICA CORP /DE/ | Added | $128.2m557.3k shares |
| Twin Tree Management, LP | Reduced | $113.5m493.1k shares |
| NOMURA HOLDINGS INC | Added | $94.5m410.7k shares |
| JANE STREET GROUP, LLC | Added | $75.0m326.1k shares |
| IMC-Chicago, LLC | Reduced | $72.2m313.6k shares |
| Parallax Volatility Advisers, L.P. | Added | $61.5m267.3k shares |
| UBS Group AG | Reduced | $49.7m215.8k shares |
| MILLENNIUM MANAGEMENT LLC | Added | $48.4m210.4k shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $197.8m859.8k shares |
| UBS Group AG | Added | $70.0m304.2k shares |
| CITADEL ADVISORS LLC | Added | $66.2m287.8k shares |
| Balyasny Asset Management L.P. | Reduced | $63.4m275.5k shares |
| BANK OF AMERICA CORP /DE/ | Reduced | $54.6m237.3k shares |
| MILLENNIUM MANAGEMENT LLC | Reduced | $47.5m206.4k shares |
| IMC-Chicago, LLC | Added | $44.5m193.3k shares |
| HSBC HOLDINGS PLC | Reduced | $32.2m139.4k shares |
| NOMURA HOLDINGS INC | Added | $30.3m131.7k shares |
| Laurion Capital Management LP | New | $28.5m123.8k shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
| VANGUARD CAPITAL MANAGEMENT LLC 13G · institution new · filed 2026-04-30 | 7.5% |
Fell to 5% or below in the last year: VANGUARD GROUP INC (0.0%, 2026-03-27; now reported by VANGUARD CAPITAL MANAGEMENT LLC)
Insider purchases and sales in Q2 2025
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
Officers and directors buying vs selling
Number of people, by quarter (10% owners not included)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q3 2023 | 0 | — | 2 | $2.2m | — |
| Q4 2023 | 1 | $999.0k | 2 | $493.9k | — |
| Q1 2024 | 0 | — | 1 | $1.9m | $1.9m |
| Q2 2024 | 0 | — | 0 | — | — |
| Q3 2024 | 0 | — | 1 | $875.9k | — |
| Q4 2024 | 0 | — | 0 | — | — |
| Q1 2025 | 0 | — | 2 | $3.5m | — |
| Q2 2025 | 0 | — | 0 | — | — |
None reported in Q2 2025.
Holders, Q2 2025
| Manager | Shares | Change |
|---|---|---|
| VANGUARD GROUP INC 0.22% of their portfolio | 58.8m $13.5bn | Added +9.6k |
| BlackRock, Inc. 0.20% of their portfolio | 45.1m $10.4bn | Reduced -107.0k |
| STATE STREET CORP 0.22% of their portfolio | 25.2m $5.8bn | Reduced -226.4k |
| GEODE CAPITAL MANAGEMENT, LLC 0.24% of their portfolio | 15.0m $3.4bn | Reduced -53.5k |
| ROYAL BANK OF CANADA 0.27% of their portfolio | 12.1m $2.8bn | Added +7.0m |
| BANK OF AMERICA CORP /DE/ 0.22% of their portfolio | 11.8m $2.7bn | Added +868.1k |
| MORGAN STANLEY 0.15% of their portfolio | 9.8m $2.3bn | Reduced -458.5k |
| JPMORGAN CHASE & CO 0.13% of their portfolio | 8.4m $1.9bn | Reduced -8.4m |
| Capital International Investors 0.33% of their portfolio | 8.4m $1.9bn | Added +42.3k |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.59% of their portfolio | 8.1m $1.9bn | Reduced -240.1k |
| NORGES BANK 0.23% of their portfolio | 8.1m $1.9bn | Added +527.3k |
| AMERIPRISE FINANCIAL INC 0.40% of their portfolio | 7.1m $1.6bn | Reduced -335.8k |
| NORTHERN TRUST CORP 0.21% of their portfolio | 6.7m $1.5bn | Reduced -433.9k |
| Fisher Asset Management, LLC 0.58% of their portfolio | 6.4m $1.5bn | Added +46.4k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.16% of their portfolio | 6.3m $1.4bn | Reduced -652.4k |
| FRANKLIN RESOURCES INC 0.37% of their portfolio | 6.0m $1.4bn | Reduced -499.3k |
| WELLINGTON MANAGEMENT GROUP LLP 0.23% of their portfolio | 5.4m $1.2bn | Reduced -22.6k |
| Invesco Ltd. 0.21% of their portfolio | 5.4m $1.2bn | Reduced -285.6k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.25% of their portfolio | 5.3m $1.2bn | Added +714.3k |
| Amundi 0.39% of their portfolio | 4.8m $1.1bn | Added +1.3m |
| Bank of New York Mellon Corp 0.19% of their portfolio | 4.5m $1.0bn | Reduced -290.1k |
| UBS Group AG 0.22% of their portfolio | 4.5m $1.0bn | Added +20.1k |
| Capital Research Global Investors 0.21% of their portfolio | 4.5m $1.0bn | Reduced -4.4m |
| Legal & General Group Plc 0.25% of their portfolio | 4.4m $1.0bn | Reduced -137.4k |
| RAYMOND JAMES FINANCIAL INC 0.34% of their portfolio | 4.3m $998.7m | Reduced -194.1k |
| Clearbridge Investments, LLC 0.80% of their portfolio | 4.3m $980.5m | Reduced -508.7k |
| Nuveen, LLC 0.27% of their portfolio | 4.2m $959.6m | Reduced -15.1k |
| CANADA PENSION PLAN INVESTMENT BOARD 0.81% of their portfolio | 4.1m $949.1m | Reduced -501.1k |
| WELLS FARGO & COMPANY/MN 0.19% of their portfolio | 3.8m $878.5m | Reduced -254.1k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.15% of their portfolio | 3.7m $846.0m | Reduced -23.1k |
| FMR LLC 0.05% of their portfolio | 3.6m $838.2m | Reduced -704.6k |
| DIMENSIONAL FUND ADVISORS LP 0.19% of their portfolio | 3.6m $826.5m | Added +70.0k |
| GOLDMAN SACHS GROUP INC 0.13% of their portfolio | 3.6m $823.8m | Reduced -68.8k |
| Capital World Investors 0.12% of their portfolio | 3.6m $822.1m | Added +14.3k |
| DEUTSCHE BANK AG\ 0.30% of their portfolio | 3.5m $808.8m | Added +83.2k |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.51% of their portfolio | 3.2m $725.2m | Added +778.4k |
| STATE FARM MUTUAL AUTOMOBILE INSURANCE CO 0.61% of their portfolio | 3.0m $694.4m | Unchanged |
| STIFEL FINANCIAL CORP 0.52% of their portfolio | 2.3m $538.4m | Reduced -5.6k |
| ENVESTNET ASSET MANAGEMENT INC 0.15% of their portfolio | 2.2m $511.8m | Reduced -177.4k |
| Vontobel Holding Ltd. 1.48% of their portfolio | 2.0m $451.0m | Reduced -332.6k |
| Diamond Hill Capital Management, LLC (Investment Advisor) 2.05% of their portfolio | 1.9m $445.6m | Added +85.6k |
| Baird Financial Group, Inc. 0.77% of their portfolio | 1.9m $439.8m | Reduced -73.4k |
| NEUBERGER BERMAN GROUP LLC 0.32% of their portfolio | 1.8m $418.7m | Reduced -326.8k |
| Swiss National Bank 0.25% of their portfolio | 1.8m $417.4m | Added +104.4k |
| MILLENNIUM MANAGEMENT LLC 0.37% of their portfolio | 1.8m $416.1m | Added +1.7m |
| CIBC Private Wealth Group LLC 0.74% of their portfolio | 1.8m $415.3m | Added +244.1k |
| Fayez Sarofim & Co 0.93% of their portfolio | 1.7m $388.0m | Reduced -419.4k |
| CITADEL ADVISORS LLC 0.34% of their portfolio | 1.7m $387.5m | Added +1.6m |
| VOYA INVESTMENT MANAGEMENT LLC 0.35% of their portfolio | 1.5m $353.6m | Reduced -1.6m |
| ALLIANCEBERNSTEIN L.P. 0.11% of their portfolio | 1.5m $351.7m | Added +105.7k |
| Sumitomo Mitsui Trust Group, Inc. 0.21% of their portfolio | 1.4m $329.2m | Added +30.5k |
| JANUS HENDERSON GROUP PLC 0.16% of their portfolio | 1.4m $322.7m | Added +215.1k |
| BANK OF MONTREAL /CAN/ 0.16% of their portfolio | 1.4m $315.6m | Added +144.3k |
| Qube Research & Technologies Ltd 0.43% of their portfolio | 1.4m $313.2m | Added +916.5k |
| DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.32% of their portfolio | 1.3m $310.3m | Reduced -40.7k |
| California Public Employees Retirement System 0.19% of their portfolio | 1.3m $301.5m | Added +43.1k |
| PNC Financial Services Group, Inc. 0.19% of their portfolio | 1.3m $300.9m | Reduced -42.9k |
| Balyasny Asset Management L.P. 0.68% of their portfolio | 1.3m $300.7m | Added +1.2m |
| HSBC HOLDINGS PLC 0.19% of their portfolio | 1.3m $298.3m | Added +15.9k |
| National Pension Service 0.25% of their portfolio | 1.3m $291.9m | Added +468 |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.56% of their portfolio | 1.3m $288.7m | Added +29.6k |
| MACKENZIE FINANCIAL CORP 0.37% of their portfolio | 1.2m $286.8m | Reduced -40.9k |
| LPL Financial LLC 0.09% of their portfolio | 1.2m $279.1m | Added +40.1k |
| BARCLAYS PLC 0.11% of their portfolio | 1.2m $278.6m | Reduced -244.6k |
| COHEN & STEERS, INC. 0.50% of their portfolio | 1.2m $272.0m | Reduced -54.5k |
| AMERICAN CENTURY COMPANIES INC 0.15% of their portfolio | 1.2m $268.5m | Reduced -61.9k |
| TD Asset Management Inc 0.23% of their portfolio | 1.2m $265.5m | Reduced -106.4k |
| Mitsubishi UFJ Asset Management Co., Ltd. 0.21% of their portfolio | 1.1m $263.9m | Added +67.4k |
| RHUMBLINE ADVISERS 0.22% of their portfolio | 1.1m $259.4m | Reduced -64.9k |
| BNP PARIBAS FINANCIAL MARKETS 0.20% of their portfolio | 1.1m $255.0m | Reduced -396.8k |
| PRIMECAP MANAGEMENT CO/CA/ 0.20% of their portfolio | 1.1m $253.2m | Reduced -383.3k |
| Cercano Management LLC 7.02% of their portfolio | 1.1m $246.1m | Unchanged |
| TWO SIGMA INVESTMENTS, LP 0.42% of their portfolio | 1.0m $234.6m | Added +945.0k |
| Rothschild & Co Wealth Management UK Ltd 3.46% of their portfolio | 1.0m $232.8m | Added +983.9k |
| FIRST TRUST ADVISORS LP 0.18% of their portfolio | 987.3k $227.2m | Added +732.7k |
| Assenagon Asset Management S.A. 0.36% of their portfolio | 986.3k $226.9m | Added +338.9k |
| TRUIST FINANCIAL CORP 0.33% of their portfolio | 974.9k $224.3m | Added +6.9k |
| KING LUTHER CAPITAL MANAGEMENT CORP 0.96% of their portfolio | 965.9k $222.2m | Reduced -95.8k |
| Epoch Investment Partners, Inc. 1.12% of their portfolio | 942.5k $216.9m | Reduced -136.4k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.24% of their portfolio | 930.8k $214.2m | Added +11.8k |
| COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS 1.11% of their portfolio | 911.3k $209.7m | Added +2.7k |
| PRUDENTIAL FINANCIAL INC 0.27% of their portfolio | 900.7k $207.2m | Added +62.0k |
| VICTORY CAPITAL MANAGEMENT INC 0.13% of their portfolio | 876.4k $203.8m | Added +642.3k |
| ClearBridge Investments Ltd 4.25% of their portfolio | 843.0k $194.0m | Reduced -178.1k |
| Rockefeller Capital Management L.P. 0.22% of their portfolio | 832.6k $191.6m | Added +440.7k |
| OMERS ADMINISTRATION Corp 1.47% of their portfolio | 811.4k $186.7m | Reduced -800 |
| Robeco Institutional Asset Management B.V. 0.30% of their portfolio | 799.1k $183.8m | Reduced -340.5k |
| Aberdeen Group plc 0.31% of their portfolio | 796.3k $183.5m | Added +43.0k |
| US BANCORP \DE\ 0.23% of their portfolio | 793.7k $182.6m | Reduced -18.5k |
| Public Sector Pension Investment Board 0.77% of their portfolio | 778.7k $179.2m | Added +5.5k |
| CITIGROUP INC 0.12% of their portfolio | 768.5k $176.8m | Reduced -656.1k |
| Brookfield Corp /ON/ 0.21% of their portfolio | 761.5k $175.2m | Reduced -1.5m |
| RENAISSANCE TECHNOLOGIES LLC 0.23% of their portfolio | 755.4k $173.8m | Added +37.5k |
| Point72 Asset Management, L.P. 0.40% of their portfolio | 731.8k $168.4m | New |
| PRINCIPAL FINANCIAL GROUP INC 0.09% of their portfolio | 729.2k $167.8m | Reduced -69.3k |
| Ensign Peak Advisors, Inc 0.27% of their portfolio | 696.7k $160.3m | Reduced -17.4k |
| NEW YORK STATE COMMON RETIREMENT FUND 0.21% of their portfolio | 689.4k $158.6m | Reduced -30.1k |
| BRIDGES INVESTMENT MANAGEMENT INC 2.09% of their portfolio | 671.9k $154.6m | Reduced -2.4k |
| D. E. Shaw & Co., Inc. 0.15% of their portfolio | 661.4k $152.2m | Added +523.0k |
| MARSHALL WACE, LLP 0.18% of their portfolio | 641.6k $147.6m | Added +381.6k |