The Strategist

Berkshire Hathaway to increase share in BofA


10/17/2019 - 10:53



Berkshire Hathaway , owned by Warren Buffet, has requested Fed’s permission to increase its share in BofA above 10%.



Pete Souza
Pete Souza
The bank’s stocks rose more than 3% on Tuesday after Bloomberg reported Buffett’s interest.

Berkshire, which owns a 9.96% share in Bank of America, applied to the Fed. The company reassured the watchdog that it would invest in the institution passively, without any amendments in the corporate structure.

Berkshire's position in BofA stocks is the second largest after Apple, valued at over $ 27 billion.

The bank stock quotes are not so far from multi-year highs, but they are far from the record ones recorded before the 2008 crisis. At the same time, market consensus does not imply a significant potential for paper growth from current levels.

source: bloomberg.com




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