disruptpress efi

Warren Buffett hikes Bank of America stake by more than $800 million

Warren Buffett

Gerry Miller | CNBC

Warren Buffett this week added to his already massive stake in Bank of America at a time when the coronavirus pandemic still clouds the U.S. and global economic outlook.

A Securities and Exchange Commission filing showed Buffett’s conglomerate, Berkshire Hathaway, bought 33.9 million shares of the banking giant between Monday and Wednesday. That increased Berkshire’s stake in Bank of America by $813.3 million to more than $24 billion.

Bank of America shares rose nearly 1%, bucking the broader market’s negative trend Thursday and outperforming other major banks such as JPMorgan Chase, Citigroup and Wells Fargo. Berkshire also has stakes in JPMorgan and Wells Fargo.

In May, Buffett struck an optimistic tone at Berkshire’s annual shareholder’s meeting, which was held virtually due to the coronavirus pandemic.

Nothing can basically stop America,” Buffett told shareholders. “The American miracle, the American magic has always prevailed and it will do so again.”

However, the Oracle of Omaha also revealed he sold out of his airline holdings due to the uncertainty caused by the outbreak.

Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world.

Products You May Like

Articles You May Like

Rocket Lab CEO says SPAC deal is ‘a supercharger’ for growth and adds ability to launch astronauts
How Tax Policy Can Help Low-Income Americans’ Pandemic Plight
New Tax Things To Know This Year
CDC study finds easing mask and restaurant rules led to more Covid cases and deaths, as some states move to lift restrictions
What If Biden Fulfills His Campaign Promises On Tax Changes?

Leave a Reply

Your email address will not be published. Required fields are marked *