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Warren Buffet buys Bank of America stocks worth $1.2 billion in 8 days

Wednesday, 29 July 2020, 10:04 am
in Markets, Stocks/Equities
0
Warren Buffet buys Bank of America stocks worth $1.2 billion in 8 days
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The renowned investor Warren Buffett, has been increasing his stake on Bank of America, by snapping up shares worth over a billion dollars in the past one week. Warren Buffet who already hold massive stake in the bank is adding more stocks to his portfolio at a time when the coronavirus pandemic still clouds the U.S. and global economic outlook.

A Securities and Exchange Commission filing showed that between 20 and 22 July 2020, Buffett’s conglomerate, Berkshire Hathaway, bought 33.9 million shares of the banking giant worth $813.3 million. This increased Berkshire’s stake in Bank of America by $813.3 million to more than $24 billion at the time.

His buying spree continue through Thursday 23 July to Monday 27 July, he spent additional $400 million on Bank of America stock as he bought about 16.4 million shares at an average price of around $24.22 within this period, after buying more than $800 million worth of it last week, Securities and Exchange Commission filings show.

In total, Warren Buffet has invested about $1.2 billion in Bank of America shares between Monday 20 July and Monday 27 July 2020, thus boosting his stake in the bank to 998 million shares or 11.5%.

  • Read also; Mutual Benefits Assurance Plc intrigues investors with over N1.5bn profit in H1 2020
  • Equity Investors lost over N69bn as Total and Seplat endured maximum possible loss

Bank of America was Berkshire’s second-largest equity holding after Apple at last count. Berkshire’s stake is currently worth more than $24 billion, based on the bank’s closing stock price on Tuesday according.

At the close of trading on the NYSE on Tuesday, the share price of the bank closed at $24.36 per share with 0.91% rise. YTD it is down by 30.76%. Buffett probably added to his position with expectation that the bank will fully recover from the coronavirus pandemic in time.

The five years price movement of the bank’s share price is shown below

Source: Business Insider

“Bank of America is a well-oiled machine, trading at a very reasonable price,” Bill Brewster, a Berkshire shareholder who runs Sullimar Capital Group, told Business Insider after the stock purchases last week.

“Buffett is looking at the long-term earnings power of the franchise,” he added.

Written by

Ifunanya Ikueze

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