Warren Buffett bets another $522 million on Bank of America, boosting his stake to nearly 12%
Warren Buffettspent $522 million on Bank of Americastock in three days this week, SEC filings show.
- The billionaire investor and
Berkshire Hathawayboss has now plowed about $1.7 billion into the bank in less than two weeks, boosting his stake to more than 1 billion shares or 11.8%.
- Buffett was panned for doing little during the coronavirus crash, but Berkshire has now made a $10 billion acquisition, likely spent more than $5 billion on stock buybacks, and significantly ramped up its stake in Bank of America in recent weeks.
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Buffett has now snapped up more than 71 million Bank of America shares in the past nine trading days, bolstering his position by 7.5%. He likely views them as a bargain, given the bank's stock price is down about 30% this year. $90 billion-plus stake in Apple.
$10 billion deal to acquire most of Dominion Energy's natural-gas assets, its apparent repurchase of more than $5 billion of its stock between late April and early July, and now its $1.7 billion splurge on Bank of America shares suggest Buffett was simply waiting for the right moment to act.
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