Citi Surges After Nod from Buffett's Berkshire Hathaway

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Citi Surges After Nod from Buffett's Berkshire Hathaway
Credit: © Reuters.

By Liz Moyer -- Citigroup Inc (NYSE: C ) shares surged 8% on Tuesday after a regulatory filing late Monday by Warren Buffett's Berkshire Hathaway (NYSE: BRKa ) revealed the conglomerate had taken a 55 million-share stake last quarter.

The stake was valued at nearly $3 billion at the end of March.

Buffett has long been a fan of bank and financial stocks. Still Berkshire exited out of a long-time position in Wells Fargo & Company (NYSE: WFC ) in the first quarter after gradually whittling away at it for three years.

Bank of America Corp (NYSE: BAC ) and American Express Company (NYSE: AXP ) remain stock holdings and currently rank among Berkshire's largest. It also took on a new stake in Ally Financial Inc (NYSE: ALLY ), valued around $390 million.

Citi shares have lagged behind other financials, down nearly 15% this year and about 33% over one year.

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