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Bank Stocks in Warren Buffett's Portfolio
Berkshire Hathaway, which is traded on the NYSE (under symbols BRK-A and BRK-B) is the 2nd largest conglomerate in the world. [FYI – Alphabet, Google’s parent company, it #1.]
Anyway, Berkshire has a portfolio of dozens of common stocks, with bank stocks making up a large portion of that portfolio. Berkshire currently owns shares in 6 bank stocks, and a 7th may be added in the future. Much has been made about Berkshire’s holdings in Wells Fargo – particularly last year when news broke about the sales scandal. It doesn’t appear that Berkshire ever sold any of its holdings in WFC.
The Motley Fool notes that the following 6 bank stock holdings account for about 11% of Berkshire's entire market cap. Here they are, along with the eventual 7th:
|
Bank |
Recent Share Price |
Shares Owned by Berkshire |
Value of Investment |
|---|---|---|---|
|
Wells Fargo |
$55.83 |
479.7 million |
$26.8 Billion |
|
American Express |
$78.20 |
151.6 million |
$11.9 Billion |
|
U.S. Bancorp |
$52.57 |
85.1 million |
$4.5 Billion |
|
Goldman Sachs |
$228.41 |
11.0 million |
$2.5 Billion |
|
BNY Mellon |
$46.25 |
21.7 million |
$1.0 Billion |
|
M&T Bank |
$154.97 |
5.4 million |
$834 Million |
| Bank of America | $23.85 | 700 million ???? | $16.7 Billion ???? |
Pursuant to a credit crisis deal that Buffett entered into with Bank of America, Berkshire owns warrants to buy 700 million shares of the bank for just $7.14 - at any time before September 2021. In recent shareholder letters, Buffett has all but told investors that Berkshire intends to exercise these warrants and finance, it's just a matter of when it will happen.
