Warren Buffett likes what he has in Bank of America (BAC) - Get Bank of America Corp Report , so much so that he is petitioning the Federal Reserve for permission to increase Berkshire Hathaway's (BRK.B) - Get Berkshire Hathaway Inc. Class B (BRK.B) Report stake in the bank past 10%, according to Bloomberg.
Berkshire Hathaway filed an application with the Fed in recent weeks, according to a copy of the filing document Bloomberg viewed, saying that it "may decide to purchase additional shares of common stock of Bank of America based on its evaluation of the investment opportunity presented by such purchases."
Buffett's company previously disclosed that it hit its investment threshold with a stake of 950 million shares worth $27 billion.
In 2016, Berkshire applied to the Fed to surpass the 10% threshold for its investment in Wells Fargo (WFC) - Get Wells Fargo & Company Report but decided instead to cut its stake after the Fed advised that any such move would hinder its ability to do business with Wells Fargo.
Bank of America is scheduled to report third-quarter earnings before markets open Wednesday. The bank is expected to report earnings of 51 cents a share on revenue of $22.79 billion.
Bank of America shares were rising 3% to $30 Tuesday, while Berkshire Hathaway gained 0.74% to $209.45.