Warren Buffett’s company recommits to Bank of America stock while dumping other banks

By JOSH FUNK
AP Business Writer

OMAHA, Neb. (AP) — Investor Warren Buffett recommitted to Bank of America during the first quarter while dumping two other bank stocks as part of a number of moves in Berkshire Hathaway’s portfolio. Many investors follow Buffett’s moves because of his successful track record. Berkshire slightly increased its 179.4 million share stake in Bank of America while eliminating long-time stakes in US Bancorp and the Bank of New York Mellon. But Berkshire did pick up nearly 10 million shares of Capital One stock. Some of the biggest moves Berkshire made during the quarter including selling off 35 million Chevron shares had been disclosed before Monday. Berkshire also trimmed its stakes in Activision Blizzard and General Motors.