Bank of America Corp. (BAC) disclosed in a filing late Thursday that Warren Buffett's Berkshire Hathaway Inc. (BRKA) now owns a 950 million share stake in the bank. That's up from the 896,167,600 shares, or 9.4%, Berkshire disclosed it owned at the end of March. That extends Berkshire's lead as BofA's largest shareholder, above second-place Vanguard Group at 6.8%, according to FactSet. BofA's stock rose 0.5% in premarket trading. "The beneficial ownership of the shares of common stock reported herein exceeds 10% as a result of the issuer's repurchases of its own securities, based on the issuer's most recently announced number of shares of common stock outstanding," Berkshire stated in a Form 3 filing with the Securities and Exchange Commission. BofA's most recent 10-Q filing said there were 9.51 billion shares outstanding as of April 25, but the bank said it bought back $6.5 billion worth of stock during the second quarter. The stock has run up 23.1% year to date through Thursday, while the SPDR Financial Select Sector ETF (XLF) has climbed 19.1% and the Dow Jones Industrial Average has advanced 16.4%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
July 26, 2019 08:27 ET (12:27 GMT)
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