Berkshire Hathaway, the investment company owned by Warren Buffett, recently increased its stake in Bank of New York Mellon and U.S. Bancorp during the second quarter.
The multi-billion dollar conglomerate, in a disclosed regulatory filing, shared that they purchased around 840,000 shares of U.S. Bancorp stock. This raises their stake in the company based out of Minneapolis to 4.3%. Berkshire also purchased roughly 9000 shares of Bank of New York Mellon. This boosted their position in the financial institution to 2.2%.
It’s also important to note that Berkshire Hathaway has a large investment in Goldman Sachs. The new amended warrant agreement gave the investing firm the opportunity to receive about 13 million shares of Goldman Sachs stock. This equates to a 2.9% ownership stake.
During the quarter, Berkshire chose not to add to its Wells Fargo position. But make no mistake; this is the largest holding of the conglomerate at this time. It represents about 21% of the overall Berkshire Hathaway portfolio, we learned from SNL Financial. Plus, during the third quarter alone, Wells Fargo’s market value rose up by 6.8%. Buffett and company currently own about 8.7% of Wells Fargo’s outstanding stock.
Berkshire Hathaway has other banking related positions that did not change during the quarter. They have a stake in an M&T Bank, which represents 4.1% of the portfolio. There American Express stake represents 14.2% of the portfolio. And they have positions in both Visa and MasterCard, which represent a 0.4% stake and a 0.3% stake respectively.