Berkshire Hathaway subsidiaries sold nearly half a million shares of U.S. Bancorp on Monday and Tuesday. Warren Buffett’s firm now owns a stake of less than 10% in the bank.
Photograph by Paul Morigi/Getty Images for Fortune/Time IncWarren Buffett’s Berkshire Hathaway sold a substantial amount of U.S. Bancorp stock this week.
Subsidiaries of Berkshire Hathaway (ticker: BRK.B ) sold a total of 497,786 U.S. Bancorp shares (USB) on May 11 and 12 for $16.3 million. According to a form Buffett filed with the Securities and Exchange Commission, Berkshire Hathaway now has overall ownership of 150.5 million shares of the bank.
Buffett indicated in the filing that Berkshire Hathaway’s stake in U.S. Bancorp is now under 10%. Buffett and his company are no longer obligated to report trades in the stock, though they must disclose their holdings as of the end of each quarter.
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Berkshire Hathaway didn’t immediately respond to a request for comment.
U.S. Bancorp stock has been hard-hit by coronavirus-induced volatility. Shares closed at $29.45 on Wednesday for a 50.3% year-to-date loss. By comparison, the S&P 500 index, a measure of the broader market, has slipped 12.7% so far this year.
Inside Scoop is a regular Barron’s feature covering stock transactions by corporate executives and board members—so-called insiders—as well as large shareholders, politicians, and other prominent figures. Because of their insider status, these investors are required to disclose stock trades with the Securities and Exchange Commission or other regulatory groups.
Write to Ed Lin at edward.lin@barrons.com and follow @BarronsEdLin.
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