UPDATE 1-Berkshire buys US Bancorp, cuts back H&R Block

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NEW YORK, Feb 14 (Reuters) - Berkshire Hathaway Inc. (BRKa.N) (BRKb.N), the insurance and investment company run by billionaire Warren Buffett, disclosed on Wednesday a 23.3 million share stake in U.S. Bancorp (USB.N) as of the end of 2006.

Omaha, Nebraska-based Berkshire also said it lowered its stake in H&R Block Inc. (HRB.N), the largest U.S. tax preparer, to 4.11 million shares, or 1.3 percent, at year end from 10.97 million shares on Sept. 30.

It also cut its stake in financial planning company Ameriprise Financial Inc. (AMP.N) to 8.27 million shares, or 3.4 percent, at year end from 19.26 million shares three months earlier.

Berkshire disclosed the stakes in filings with the U.S. Securities and Exchange Commission.

According to Wednesday filings, Berkshire had begun accumulating the U.S. Bancorp stake by the first quarter of 2006. By year end, the stake was worth $843.5 million.

Buffett, the world's second-richest person after Microsoft chairman Bill Gates, generally favors companies with stable, easy-to-understand businesses that are industry leaders and whose shares appear undervalued. Regulators sometimes let Berkshire delay disclosing some buying and selling so investors cannot try to mimic Buffett.

Berkshire also reported a 636,600 share stake in manufacturer Ingersoll-Rand Co. Ltd. (IR.N) at year end, after having not disclosed any stake as of Sept. 30.

According to filings, it also reported reduced holdings in cable television operator Comcast Corp. (CMCSA.O) and retailer Pier 1 Imports Inc. (PIR.N), higher stakes in Wells Fargo & Co. (WFC.N) and building materials maker USG Corp. (USG.N) and the elimination of stakes in casual restaurant operator OSI Restaurant Partners Inc. OSI.N and food and packaging company Sealed Air Corp. (SEE.N).