Ally Financial (ALLY) Rises On News Berkshire Triples Position

Shares of Ally Financial (NYSE: ALLY) jumped 5% Tuesday on the back of news that Berkshire Hathaway Inc, run by billionaire and legendary investor Warren Buffett, boosted its stake in online banking company Ally Financial Inc.

Berkshire more than tripled its stake in Ally to 30 million shares at the end of June, worth around $1 billion. Its previous stake was around 9 million shares. The firm also increased its position in Apple and purchased shares in Paramount Global, Occidental Petroleum and Chevron, a securities filing revealed.

Furthermore, Berkshire exited its investment in Verizon Communications Inc and no longer holds a position in Royalty Pharma.

Berkshire did reduce the pace of its stock buying in the second quarter as markets declined, buying $6.2 billion of stocks and selling $2.3 billion.

Ally shares hit a high of $37.88 per share during Tuesday's session. However, they are down 22.9% in 2022, despite a 10.5% gain in the past week.

By Sam Boughedda

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