Berkshire Hathaway Adds to Bank of NY Mellon, US Bancorp Stake

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.