comscore Warren Buffett buys 700 million shares in Bank of America | Honolulu Star-Advertiser
Business Breaking | Top News

Warren Buffett buys 700 million shares in Bank of America

  • ASSOCIATED PRESS

    Berkshire Hathaway Chairman and CEO Warren Buffett was interviewed, in May 2016, in Omaha, Neb. Buffett’s Berkshire Hathaway is buying 700 million shares in Bank of America, making Buffett the largest shareholder in two of the nation’s largest banks.

NEW YORK >> Warren Buffett’s Berkshire Hathaway is buying 700 million shares in Bank of America, making Buffett the largest shareholder in two of the nation’s largest banks.

Berkshire said today that it will convert warrants purchased in Bank of America back in 2011, when the bank was struggling following the financial crisis, into common shares in the bank. The 700 million-share stake in the bank will make Berkshire the largest shareholder in Bank of America, exceeding mutual fund giant Vanguard.

Buffett is also the largest shareholder in Wells Fargo.

Buffett said in his annual shareholder letter that he would convert his warrants in Bank of America to common stock if the bank were ever to raise its annual dividend above 44 cents a share, which the bank did this week.

Click here to see our full coverage of the coronavirus outbreak. Submit your coronavirus news tip.

Be the first to know
Get web push notifications from Star-Advertiser when the next breaking story happens — it's FREE! You just need a supported web browser.
Subscribe for this feature
Comments (0)

By participating in online discussions you acknowledge that you have agreed to the Terms of Service. An insightful discussion of ideas and viewpoints is encouraged, but comments must be civil and in good taste, with no personal attacks. If your comments are inappropriate, you may be banned from posting. Report comments if you believe they do not follow our guidelines.

Having trouble with comments? Learn more here.

Scroll Up