November 18, 2022
Buffett, the chairman and CEO of Berkshire Hathaway, has been reducing the exposure of his holding company to financial companies and bank stocks in particular for years.
According to a recent regulatory filing., Berkshire Hathaway sold 56% of its stake in the country's fifth-largest bank by assets.
Currently, Buffett's company owns 52.5 million USB shares, or 3.5% of the outstanding shares of the local lender.
As of Thursday's closing, the value of Berkshire Hathaway's USB stock was $2.4 billion, making up just 0.7% of the company's equity holdings.
After all, in the second quarter of 2022, Buffett reduced Berkshire Hathaway's position in USB by 5%, or 6.6 million shares.
After Apple (AAPL(opens in new tab)), Bank of America (BAC(opens in new tab)) is Berkshire Hathaway's second-largest stake.
Warren Buffett actually held 55.2 million shares of Citigroup for Berkshire Hathaway in the first quarter of 2022.
The stock of U.S. Bancorp has historically lagged the market, so perhaps we shouldn't be too shocked that Warren Buffett decided it was time to significantly reduce his holding.
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