Buffett bets on Wells, US Bancorp

From Yahoo Tech-ticker.

I don’t know about Wells, but I have US Bancorp shares (NYSE: USB). The stock appears expensive if you look at the price book ratio, which is a common metric to measure bank stocks. But USB is a very different bank compared to others, it’s a conservative lender. Since I opened my checking account with USB a few weeks ago, I had opportunity to visit the branch, it’s clean, and looks much sharp then the Bank of America branches I visited. Maybe, USB could get some deposit base from B of A, amid all the controversies around B of A. The USB stock was obviously knocked down last week due to secondary offering (raise money to repay TARP, or to get out of TRAP to be more precise). Today it got a nice bump from Buffett endorsement.

Reference: gurufocus Buffett buy.

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