Berkshire Hathaway added 34 million shares of BAC this weekBAC is Berkshire’s second largest fairness positionBAC shares are down 32% YTD
Warren Buffett’s Berkshire Hathaway purchased greater than $800 million worth of Bank of America stock this week, boosting its stake within the banking large to greater than 11%, in keeping with SEC filings. Berkshire Hathaway bought practically 34 million shares at a mean price of about $24 between Monday and Wednesday, which values the stake at $813 million. Berkshire’s complete stake within the Bank is worth about $23.9 billion, primarily based on Bank of America’s stock price of $24.31 as of Wednesday’s shut.
Bank of America was Berkshire’s second-largest holding by greenback value on the finish of March, after Apple. The bank’s shares have tumbled 32% this 12 months, which means Berkshire’s stake would have been worth round $35 billion initially of January. Other than Apple, Berkshire’s largest fairness holding, most of its high fairness positions have had a tough 2020.
Buffett, all the time longing for a cut price, has accomplished some offers in 2020, however Berkshire Hathaway nonetheless has greater than $137 billion in cash able to deploy. The corporate spent $10 billion to accumulate most of Dominion Power’s pure gasoline belongings earlier this month, and seems to have purchased again between $5 billion and $6 billion of its stock between late April and early July.
The desk beneath signifies Berkshire Hathaway’s high fairness positions in the beginning of 2020. Since then, the corporate has bought most of its airline stocks and added to its positions in Apple and Bank of America.
Berkshire Hathaway Annual Report.