Legendary investor Warren Buffett clearly has faith in the future of Minneapolis-based U.S. Bancorp, as he recently increased his company’s financial interest in the bank by more than 27 percent.
 
Omaha, Nebraska-based Berkshire Hathaway, Inc.—which owns a diverse array of companies, from Dairy Queen to Geico, and is chaired by Buffett—increased its investment in U.S. Bancorp to 78.28 million shares at purchase prices that varied throughout the second quarter from $32.37 to $36.15, according to a U.S. Securities and Exchange Commission filing made public on Thursday.
 
Berkshire Hathaway has total equity investments of $89 billion as of June 30, according to Reuters.
 
In addition to increasing its stake in U.S. Bancorp, Berkshire Hathaway also upped its investment in Wells Fargo and General Motors, among others.
 
According to a report posted by Nasdaq, Berkshire Hathaway increased its investment in Wells Fargo by just over 1 percent, which now accounts for the largest portion of its total portfolio at 21.5 percent. The 27.37 percent increased investment in U.S. Bancorp accounts for 3.2 percent of the firm’s total portfolio.
 
Berkshire Hathaway also reportedly sold its stake in Gannett Company, Inc., a news company that owns Minnesota news outlets Kare 11 and St. Cloud Times, and it reduced its holdings in the financial analyst firm Moody’s Corporation and the Kraft Foods Group.