Famed investor Warren Buffett has sold more than 90 million shares of U.S. Bancorp (USB),
reducing his stake in the fifth-largest American bank by 63%.
Through his holding company, Berkshire Hathaway (BRK.B), Buffett reported that he owned just
over 53 million U.S. Bancorp shares, representing a 3.6% stake, on October 31. That’s down
from 144.7 million shares, or 9.8%, earlier in the year.
Berkshire Hathaway began investing in Minneapolis-based U.S. Bancorp back in 2006,
according to regulatory filings with the U.S. Securities and Exchange Commission (SEC).
Banks and other financial stocks are among Buffett’s favorite long-term investments and make
up a big chunk of Berkshire's portfolio that is worth more than $340 billion U.S.
Omaha, Nebraska-based Berkshire Hathaway currently has a $39 billion U.S. stake in Bank of
America (BAC), the second-largest U.S. lender, as well as large stakes in American Express
(AXP) and Citigroup (C).
Apple (AAPL) remains Berkshire's largest stock holding, with the company owning a $134 billion
U.S. stake in the iPhone maker.
On November 14, Berkshire Hathaway is expected to disclose all its recent stock buys and sells
in a 13F regulatory filing with the SEC.
Berkshire Hathaway’s stock is up 0.80% this year and trading at $303.20 U.S. per share.
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