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HomeAll newsMost read newsBusiness Leaders Biography
Birthday : 08/30/1930
Place of birth : Omaha (Omaha) - United States
Biography : Warren Edward Buffett is an American businessperson who has been at the helm of 6 different companie

Buffett's Berkshire boosts its stake in Bank of America to 11.8%

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07/30/2020 | 10:56pm EDT
FILE PHOTO: Berkshire Hathaway Chairman Warren Buffett walks through the exhibit hall as shareholders gather to hear from the billionaire investor at Berkshire Hathaway Inc's annual shareholder meeting in Omaha

Warren Buffett's Berkshire Hathaway Inc said on Thursday it has bought another $522 million (397.47 million pounds) of stock in Bank of America Corp, boosting its already large stake in the second-largest U.S. bank by assets.

Berkshire bought about 21.2 million Bank of America shares from July 28 to 30, according to a regulatory filing.

Following those purchases, Berkshire owned a total of 1.02 billion shares in Bank of America which roughly represents an 11.8% stake in the company.

Berkshire has spent more than $1.7 billion on 71.5 million Bank of America shares since July 20, including the latest purchases, according to regulatory filings.

Berkshire began investing in Bank of America in 2011, a time many investors worried about the bank's capital needs, when it acquired $5 billion of preferred stock plus warrants to buy 700 million common shares.

By the end of March, Bank of America had become Berkshire's second-largest common stock investment, trailing only Apple Inc . Berkshire also invests in several other banks.

The latest purchases help Omaha, Nebraska-based Berkshire reduce its cash pile, which totaled $137.2 billion at the end of March.

(Reporting by Jonathan Stempel in New York; Editing by Ana Nicolaci da Costa)

Stocks mentioned in the article
ChangeLast1st jan.
APPLE INC. 1.45% 450.91 Delayed Quote.51.35%
BANK OF AMERICA CORPORATION 1.72% 26.56 Delayed Quote.-24.59%
BERKSHIRE HATHAWAY INC. 1.43% 318830 Delayed Quote.-7.44%
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