(GuruFocus, October 21, 2009) U.S. Bancorp (USB, Financial) today reported net income of $603 million for the third quarter of 2009, or $.30 per diluted common share. Earnings for the third quarter were driven by record total net revenue of $4.3 billion, the result of strong year-over-year growth in both net interest income and fee revenue.
Investment Guru Warren Buffett ‘s Berkshire Hathaway is the large shareholder of the banking company. In the past, Buffett was very bullish on this stock together with Wells Fargo.
Reflecting on today’s quarterly result announcement, Dick Bove think USB is one of the banking companies standing out:
Guru Ownership[/color]
As of June 30, 2009, U.S. Bancorp is owned by 12 Gurus.
4 Gurus Increased Positions in USB:
Donald Yacktman owns 864,582 shares , an increase of 531.46% from the previous quarter. This position accounts for 1.46% of the $1.06 billion portfolio of Yacktman Asset Management Co..
John Keeley owns 25,400 shares , an increase of 23.3% from the previous quarter. This position accounts for 0.01% of the $5.82 billion portfolio of Keeley Fund Management.
Charles Brandes owns 96,257 shares , an increase of 17.46% from the previous quarter. This position accounts for 0.01% of the $18.33 billion portfolio of Brandes Investment.
Glenn Greenberg owns 14,536,947 shares , an increase of 17.36% from the previous quarter. This position accounts for 10.93% of the $2.38 billion portfolio of Chieftain Capital Management Inc.
7 Gurus Kept Positions in USB Unchanged or Slightly Adjusted:
Brian Rogers owns 11,466,400 shares , which accounts for 1.51% of the $13.63 billion portfolio of T Rowe Price Equity Income Fund.
Prem Watsa owns 15,870,900 shares , which accounts for 5.46% of the $5.21 billion portfolio of Fairfax Financial Holdings, Inc..
Warren Buffett owns 69,039,426 shares , which accounts for 2.53% of the $48.95 billion portfolio of Berkshire Hathaway.
Wallace Weitz owns 70,000 shares , which accounts for 0.08% of the $1.54 billion portfolio of Weitz Wallace R & Co.
Jean-Marie Eveillard owns 87,571 shares , which accounts for 0.02% of the $8.91 billion portfolio of Arnhold & S. Bleichroeder Advisers, LLC.
Dodge & Cox owns 11,461 shares , which accounts for less than 0.01% of the $66.88 billion portfolio of Dodge & Cox.
Ruane Cunniff owns 12,183 shares , which accounts for less than 0.01% of the $6.9 billion portfolio of Ruane & Cunniff & Goldfarb Inc.
1 Guru Reduced Positions in USB:
David Dreman owns 730,516 shares , a decrease of 82.76% of from the previous quarter. This position accounts for 0.42% of the $3.12 billion portfolio of Dreman Value Management.
2 Gurus Sold Out USB: Ken Heebner sold out his holdings in the quarter that ended on 06/30/2009. Tweedy Browne sold out his holdings in the quarter that ended on 06/30/2009.
Insider Trading Activities
Sell:: EVP and Controller on 08/18/2009 Terrance R Dolan sold 3,314 shares of USB stock at the average price of 21.61, the price of the stock has increased by 10.13% since
Sell:: Vice Chairman on 08/13/2009 Richard B Jr Payne sold 7,000 shares of USB stock at the average price of 22.5, the price of the stock has increased by 5.78% since
Investment Guru Warren Buffett ‘s Berkshire Hathaway is the large shareholder of the banking company. In the past, Buffett was very bullish on this stock together with Wells Fargo.
Reflecting on today’s quarterly result announcement, Dick Bove think USB is one of the banking companies standing out:
Guru Ownership[/color]
As of June 30, 2009, U.S. Bancorp is owned by 12 Gurus.
4 Gurus Increased Positions in USB:
Donald Yacktman owns 864,582 shares , an increase of 531.46% from the previous quarter. This position accounts for 1.46% of the $1.06 billion portfolio of Yacktman Asset Management Co..
John Keeley owns 25,400 shares , an increase of 23.3% from the previous quarter. This position accounts for 0.01% of the $5.82 billion portfolio of Keeley Fund Management.
Charles Brandes owns 96,257 shares , an increase of 17.46% from the previous quarter. This position accounts for 0.01% of the $18.33 billion portfolio of Brandes Investment.
Glenn Greenberg owns 14,536,947 shares , an increase of 17.36% from the previous quarter. This position accounts for 10.93% of the $2.38 billion portfolio of Chieftain Capital Management Inc.
7 Gurus Kept Positions in USB Unchanged or Slightly Adjusted:
Brian Rogers owns 11,466,400 shares , which accounts for 1.51% of the $13.63 billion portfolio of T Rowe Price Equity Income Fund.
Prem Watsa owns 15,870,900 shares , which accounts for 5.46% of the $5.21 billion portfolio of Fairfax Financial Holdings, Inc..
Warren Buffett owns 69,039,426 shares , which accounts for 2.53% of the $48.95 billion portfolio of Berkshire Hathaway.
Wallace Weitz owns 70,000 shares , which accounts for 0.08% of the $1.54 billion portfolio of Weitz Wallace R & Co.
Jean-Marie Eveillard owns 87,571 shares , which accounts for 0.02% of the $8.91 billion portfolio of Arnhold & S. Bleichroeder Advisers, LLC.
Dodge & Cox owns 11,461 shares , which accounts for less than 0.01% of the $66.88 billion portfolio of Dodge & Cox.
Ruane Cunniff owns 12,183 shares , which accounts for less than 0.01% of the $6.9 billion portfolio of Ruane & Cunniff & Goldfarb Inc.
1 Guru Reduced Positions in USB:
David Dreman owns 730,516 shares , a decrease of 82.76% of from the previous quarter. This position accounts for 0.42% of the $3.12 billion portfolio of Dreman Value Management.
2 Gurus Sold Out USB: Ken Heebner sold out his holdings in the quarter that ended on 06/30/2009. Tweedy Browne sold out his holdings in the quarter that ended on 06/30/2009.
Insider Trading Activities
Sell:: EVP and Controller on 08/18/2009 Terrance R Dolan sold 3,314 shares of USB stock at the average price of 21.61, the price of the stock has increased by 10.13% since
Sell:: Vice Chairman on 08/13/2009 Richard B Jr Payne sold 7,000 shares of USB stock at the average price of 22.5, the price of the stock has increased by 5.78% since
- CEO Buys, CFO Buys: Stocks that are bought by their CEO/CFOs.
- Insider Cluster Buys: Stocks that multiple company officers and directors have bought.
- Double Buys: Companies that both Gurus and Insiders are buying
- Triple Buys: Companies that both Gurus and Insiders are buying, and Company is buying back.
