Warren Buffett Is Ditching This Stock After 17 Years
Warren Buffett's company Berkshire Hathaway (NYSE: BRK.A)(NYSE: BRK.B) first purchased the large regional lender U.S. Bancorp (NYSE: USB) in 2006. When the pandemic hit in early 2020, Berkshire chose to offload most of its regional bank holdings but hung on to U.S. Bancorp, making it seem like it would be the company's regional bank of choice for the long haul.
But now Buffett has all but exited U.S. Bancorp after 17 years of ownership. In the third quarter of 2022, Berkshire sold 42 million shares, or roughly 35% of its position in the stock.
The large conglomerate just revealed that it sold another 91% of its existing stake in the fourth quarter, bringing its ownership of U.S. Bancorp down to just 6.7 million shares, which I would expect Berkshire to sell sometime this year. Here's why Buffett and Berkshire may have had enough of this longtime holding.
Source Fool.com
