Warren Buffett Invests $800 Million in Bank of America Shares

Warren Buffett bought more than $800 million worth of Bank of America shares this week, raising his stake to 982 million shares or 11.3%.

Buffett, CEO of Berkshire Hathaway acquired nearly 34 million shares with an average price of about $ 24 between Monday and Wednesday.

At the end of March, Bank of America was Berkshire's second-largest holding by dollar value after Apple. Meantime, the Bank’s share price has fallen 32% this year to record $ 24.31 as of Wednesday’s close.

Recently, Buffett has been criticized for his failure to invest Berkshire's huge cash hoard, more than the company needs, which rose to $137 billion in the first quarter of this year.

Berkshire acquires most of Dominion Energy's assets

However, Berkshire entered into a $10 billion deal to acquire most of Dominion Energy's natural gas assets earlier this month, and appears to have bought back between $5 -$ 6 billion of its shares between April and July.

Buffett's growing bet on the Bank indicates that he is actively looking for bargains again, and is ready to add to his existing holdings at a suitable price.