(Bloomberg) -- Warren Buffett has been snapping up even more Bank of America Corp. stock.
The billionaire’s Berkshire Hathaway Inc. spent at least $1.7 billion buying shares of the bank in the last two weeks of July, building its stake to about $25 billion, based on the minimum purchase prices disclosed in regulatory filings. The holdings are Berkshire’s second-largest common stock bet, behind Apple Inc.
Buffett’s conglomerate piled even further into Bank of America stock after getting a green light earlier this year from the Federal Reserve. The purchases came after the shares slumped almost 30% this year. They’re up 4.3% this month.
Bank of America is “very pleased” with the long-term support from Buffett and Berkshire, the Charlotte, North Carolina-based company said in an emailed statement.
Buffett, who has sought ways to deploy his record pile of funds into higher-returning assets, is only chipping away at his war chest with the Bank of America stock purchases. The $1.7 billion cost would account for just 1.2% of his $137 billion cash pile at the end of the first quarter.
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