Warren Buffett buys more Bank of America stock, with stake’s value rising to $29 billion
Bank of America Corp. is by far Warren Buffett’s favorite bank, as his Berkshire Hathaway Inc. has boosted its stake in the moneycenter bank to more than $29 billion.
Berkshire has extended its lead as the Bank of America’s largest shareholder. The Vanguard Group is the second largest shareholder at about 6.4%, followed by SSgA Funds Management Inc. at 4.1%, according to FactSet. One way Buffett built his stake in BofA was by exercising warrants that were acquired as part of a deal announced in August 2011, in which he invested $5 billion in preferred stock that paid a 6% annual dividend at a time the bank was struggling to return to health in the aftermath of the 2008-2009 financial crisis. That dividend yield was nearly triple the yield on the 10-year Treasury note TMUBMUSD10Y, -0.48% at the time.
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