Buffett Added to Wells Fargo in Q3

[Stocks-to-Watch]

Warren Buffett made headlines today when he said he’s been buying shares of IBM (IBM), a sign that the legendary investor might be warm9ng to tech stocks. But there was also a tidbit for bank investors: the Oracle of Omaha also told CNBC that he has been adding to his stake in Wells Fargo (WFC).

Wells Fargo shares have outperformed peers since the start of the year, falling just 19%. In the third quarter, shares fell 14%. As of the end of the second quarter, Buffett owned about 352 million shares in the company, and it accounted for about 18% of Berkshire Hathaway’s (BRKB) portfolio.

Berkshire is expected to release its holdings as of the end of the third quarter later today.



Original Article Source by Barrons.com