Buffett's firm has bought $2.1B of Bank of America stock
OMAHA, Neb. (AP) — Warren Buffett's company has bought $2.1 billion of Bank of America stock over the past three weeks after the latest purchases of $340 million of shares.
Berkshire Hathaway Inc. said Tuesday it bought 13.6 million Bank of America shares between Friday and Tuesday. The Omaha, Nebraska-based conglomerate has been steadily adding to its stake in the bank since July 20, and Berkshire now holds more than 1 billion shares of Bank of America stock, which represents 11.9% of the bank's stock.
Before these latest purchases, Berkshire reported buying 71.5 million shares of Bank of America stock worth nearly $1.8 billion.
Investors follow what Berkshire buys and sells closely because of Buffett's successful track record. Even before these recent purchases, Bank of America Corp. was the second largest investment in Berkshire's portfolio behind only its Apple stake. Berkshire also holds sizeable investments in several other financial stocks, including U.S. Bancorp and Wells Fargo.
Besides investments, Berkshire owns a variety of more than 90 companies including insurers such as Geico, BNSF railroad and several large utilities.