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MarkGillCPA » Comments » USB
More on USB by MarkGillCPA
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Buffett's Latest Headache: U.S. Bancorp [View article]
I'm not familiar with Bespoke either, other than I notice that they publish a lot of articles. Some of them are very good, and some, like this one, are a little below par. Putting out lots of articles appears to be a part of their marketing program. Nothing wrong with that. Hopefully, critical comments on the poor articles will encourage more of the good ones. I would expect the same treatment.
On Jan 21 07:57 PM williemo wrote:
> To : Daniel B
> I would think twice before I made a piercing comment like you did
> about the authors of the article. You obviously aren't familiar with
> Bespoke.
Buffett's Latest Headache: U.S. Bancorp [View article]
The only fundamental statement Bespoke makes is that USB Q4 EPS is down 65%, and that's due to the large loan loss provision. After reviewing the earnings report, it appears they (USB) are being realistic with their provision. Deposits were up, loans were up, and net interest income was up 23%. I suspect there is still a quarter or 2 of big provisions, but when those level off, earnings will take off.
Also, I suspect there will be further cleaning up to do with respect to Downey and PFF acquisitions, and I would not be suprised to see the dividend cut. So I don't think I'm being pollyannish about USBs prospects.
However, I'm kicking my self for not loading up the boat when the stock briefly traded below $12, and may do so anyway if it pulls back to $14. Did you notice that buyers went wild when this stock hit 12? At that price, who cares what it does over the next 3 to 6 months. If I can buy this at 14, I have no doubt that sometime over the next 3 years that it will be trading at 28 or higher.
I agree with ArtfulDodger above. I've seen too many stocks round trip to be a buy and hold forever investor. But I am a value investor and I think Mr. Market is offering us an opportunity.