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Tags: buffett | berkshire | bank of new york | stock

Buffett's Berkshire Sells Block of Bank of New York Stock

Buffett's Berkshire Sells Block of Bank of New York Stock
(AP)

By    |   Friday, 10 April 2020 09:01 AM EDT

Warren Buffett’s Berkshire Hathaway reportedly has sold a substantial amount of Bank of New York Mellon stock.

Subsidiaries of Berkshire Hathaway (BRK.A ) sold a total of 869,103 Bank of New York shares (BK) on April 7 and 8 for $30.9 million, Barron’s said. According to a form Buffett’s company filed with the Securities and Exchange Commission, Berkshire Hathaway now has overall ownership of 88.1 million shares of the bank.

Berkshire Hathaway noted in the filing that it now owns less than 10% of Bank of New York. Under that threshold, Buffett’s firm is no longer obligated to report trades in the stock, apart from quarterly holdings, Barron’s said.

The news comes about a week after Berkshire said it sold about 18% of its stake in Delta Air Lines Inc and 4% of its holdings in Southwest Airlines Co. as the coronavirus pandemic drives the airline industry into perhaps its biggest crisis ever.

According to regulatory filings, Berkshire sold nearly 13 million Delta shares for about $314 million and roughly 2.3 million Southwest shares for about $74 million.

Berkshire previously owned about 11.1% of Delta stock and 10.4% of Southwest stock, according to Refinitiv data. No reasons for the sales were given.

Berkshire did not immediately respond to a request for comment sent to Buffett's assistant.

The Omaha, Nebraska-based conglomerate is among the biggest shareholders of the four largest U.S. carriers - Delta, Southwest, American Airlines Group Inc and United Airlines Holdings Inc.

Buffett has said three of the airline stakes are overseen by him, while one of his portfolio managers, Todd Combs and Ted Weschler, oversees the fourth.

Berkshire's sales were disclosed after major U.S. airlines applied on Friday for payroll grants from the U.S. Treasury to help keep workers employed.

The pandemic has punished the industry, as passengers stay home and carriers worldwide slash their schedules and ground planes. Delta projected on Friday that its second-quarter revenue would fall 90%.

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StreetTalk
Warren Buffett’s Berkshire Hathaway reportedly has sold a substantial amount of Bank of New York Mellon stock.
buffett, berkshire, bank of new york, stock
322
2020-01-10
Friday, 10 April 2020 09:01 AM
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