(Bloomberg) — Warren Buffett’s Berkshire Hathaway Inc. bought roughly $813 million worth of Bank of America Corp. stock, piling more funds into the lender that’s facing a 31% slump so far this year.Berkshire purchased roughly 33.9 million of the bank’s shares this week, boosting its stake by more than 3% to about 981.7 million shares, according to a regulatory filing Wednesday. Buffett’s conglomerate added the shares at an average price of $23.99.Berkshire’s Bank of America stake, which started from preferred stock and warrants, has transformed into one of the Omaha, Nebraska-based conglomerate’s largest holdings. At the end of March, the stake was Berkshire’s second-largest by market value, behind just Apple Inc. Buffett applied last year to the Federal Reserve to get permission to boost the stake in the lender to more than 10%, a level that tends to trigger regulatory review.Berkshire, which holds stakes in multiple banks, ended up cutting some of those in the first quarter, including Goldman Sachs Group Inc. and JPMorgan Chase & Co. The firm will report second-quarter changes to those holdings within the next month.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
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