Warren Buffett shelled out greater than $800 million on Bank of America stock this week.
The billionaire investor and Berkshire Hathaway boss purchased practically 34 million shares, lifting his stake within the bank to about 11.3%, SEC filings present.
Bank of America’s stock is down 32% this yr, suggesting Buffett determined so as to add to considered one of his greatest holdings at a reduction.
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Warren Buffett purchased greater than $800 million worth of Bank of America stock this week, boosting his stake within the banking titan to north of 11%, SEC filings present.
The famed investor and Berkshire Hathaway CEO snapped up practically 34 million shares at a median price of about $24 between Monday and Wednesday, that means he spent about $813 million.
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The purchases boosted Berkshire’s stake within the banking titan by about 3.6% to just about 982 million shares, or 11.3% of the corporate.
Bank of America was Berkshire’s second-largest holding by greenback value on the finish of March, after Apple.
Berkshire’s elevated stake is worth about $23.9 billion, based mostly on Bank of America’s stock price of $24.31 as of Wednesday’s shut.
The bank’s shares have plunged 32% this yr, that means Berkshire’s stake would have been worth round $35 billion at first of January.
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Buffett has been criticized in latest weeks for failing to deploy Berkshire’s large cash hoard, which ballooned to $137 billion within the first quarter of this yr.
Nevertheless, Berkshire struck a $10 billion deal to amass most of Dominion Power’s natural-gas property earlier this month, and seems to have purchased again between $5 billion and $6 billion of its stock between late April and early July.
Buffett’s elevated guess on Bank of America alerts he is actively attempting to find bargains once more, and prepared so as to add to his present holdings on the proper price.