Warren Buffett, chairman and CEO of Berkshire Hathaway
David A. Grogan | CNBC
Warren Buffett’s Berkshire Hathaway this week added to his already-enormous stake in Financial institution of America at a time when the coronavirus pandemic dampens the financial outlook and rates of interest maintain close to document lows.
A Securities and Alternate Fee submitting confirmed Buffett’s conglomerate purchased 21.2 million shares of the banking large between Tuesday and Thursday. That elevated Berkshire’s stake in Financial institution of America by $522 million and units its whole place within the financial institution at 11.8%.
The typical buy worth was $24.65 per share.
Berkshire has been shopping for small quantities of Financial institution of America inventory day-after-day since July 20.
Final week, an analogous submitting revealed the Berkshire purchased 33.9 million shares of the banking large by midweek. That elevated Berkshire’s stake by $813.three million to greater than $24 billion.
In whole because the latest shopping for started, Berkshire has bought $1.7 billion price of the inventory.