Berkshire Hathaway Adds to Stake of BNY Mellon

Although he sold some of the shares earlier in 2013, Warren Buffett is once again buying up bank stocks left and right and easy than purchasing shares of Bank of New York Mellon once again.

Berkshire Hathaway just acquired 5.7 million shares of Bank of New York Mellon stock during the second quarter. We learn this according to an SEC filing. The company owns 2.14% of the outstanding shares of this financial institution based out of New York. It’s actually one of the largest banks serving the Pittsburgh area. This latest investment rose Berkshire Hathaway’s stake by 30%. They now own 24.6 million shares. We learn this based on a report from SNL financial that was released today.

The same SNL report also tells us that Berkshire Hathaway has increased their shares in U.S. Bancorp and Wells Fargo & Company. Both positions are larger than the Bank of New York Mellon stake. At the end of the second quarter, the US financial institutions portfolio for Berkshire Hathaway has “comprised nearly 40% of its total stock portfolio, which was close to $90 billion,” we learned from the report.