in its most recent 13F filing, Berkshire reported owning roughly 896 million shares of the Charlotte banking company, according to Bloomberg.
The news service noted that Berkshire Hathaway CEO Warren Buffett has said he wants to keep many of Berkshire's equity stakes below that 10% threshold, which can sometimes result in increased regulatory scrutiny.
Berkshire Hathaway in 2016 applied to the Federal Reserve for clearance to keep expanding its stake in Wells Fargo & Co. (WFC) after repurchases edged it over the line.
At the end of the first quarter, Bank of America had already ranked as Berkshire's second-largest stockholding by market value, right behind Apple (AAPL) , Bloomberg reported.
Bank of America shares in the premarket were 0.7% higher at $30.55. Shares of Berkshire Hathaway, the Omaha company with holdings in insurance, energy, freight-rail transport, real estate and more, on Thursday closed 0.4% lower at $310,750.
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