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Warren Buffett Keeps Loading Up On Bank of America's Stock

Wed, 12 Aug 2020 01:39:00 +0000

Berkshire Hathaway keeps loading up on Bank of America's stock. This time, during the period of July 31st - August 4th, they purchased over 13,6 million shares, which cost 337 million dollars. The average prices was 24,81 dollars per share. With that being said, Berkshire Hathaway now owns 1,03 billion shares of the stock, which is 26,15 billion dollars in dollar terms. As for the Federal Reserve, they agreed to increase the fund's share to 24,9%.

Apparently, Warren Buffett is still positive on the future of Bank of America, which is way the investments in the bank's stock are underway. It all started in 2011, when Warren Buffett purchased BofA's shares for the first time, which cost 5 dollars per share back then. He also purchased warrants on 700 million shares.

It's interesting to note that BofA turned out to be the third biggest loser in terms of market cap earlier this year, which affected the entire stock market. The total loss amounted to 115 billion dollars. However, the Oracle of Omaha still believes in the U.S. economy and thinks the long-term future is bright for the bank. By the way, the stock has gained over 4% over the last 10 days.

It's also interesting to note that Warren Buffett made an interesting statement in May 2020. He is convinced that America is moving in the right direction and the banks have adopted certain strategies to cope with the situation.

In July, the investor decided to purchase some shares of Dominion Energy, an American energy company. This is the very company responsible for delivering natural gas and electricity to the west of the USA, NordFx experts say.

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