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
<AAPL.O>. 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)
[© 2020 Thomson Reuters. All rights
reserved.] Copyright 2020 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
Thompson Reuters is solely responsible for this content.
|
|