Warren Buffett spent $522 million on Bank of America stock in 3 times this week, SEC filings reveal.
The billionaire investor and Berkshire Hathaway manager has plowed roughly $1.7 billion to the bank in under two weeks, boosting his stake to over 1 billion shares or 11.8%.
Buffett was panned for doing small throughout the coronavirus crash, however Berkshire has made a $10 billion purchase, probably spent over $5 billion on stock buybacks, and significantly ramped up its stake in Bank of America in recent weeks.
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Warren Buffett shelled out $522 million on Bank of America stock in the past three days, lifting his total spending the banking titan’s shares in the past two weeks to about $1.7 billion.
The famed investor also Berkshire Hathaway CEO snapped up 21.2 million shares at an average price of about $24.65 between Tuesday and Thursday, Securities and Exchange Commission filings show. The purchases boosted his stake the bank to around 1.02 billion shares or 11.8% — worth more than $25 billion as of Wednesday’s close.
Buffett has now snapped up more than 71 million Bank of America shares in the previous nine trading days, bolstering his position by 7.5%. He likely views them as a bargain, given the bank’s stock price is down about 30% this year.
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Bank of America was the second-largest holding in Berkshire’s stock portfolio at last count, after its $90 billion-plus stake in Apple.
Buffett was fiercely criticized for failing to deploy Berkshire’s huge cash hoard when markets tanked earlier this year.
Berkshire’s recent $10 billion deal to acquire most of Dominion Energy’s natural-gas assets, its apparent repurchase of more than $5 billion of its stock between late April and early July, and now its $1.7 billion splurge on Bank of America stocks suggest Buffett was simply waiting for that the ideal moment to act.