Berkshire Hathaway offered a portion of U.S. Bancorp , a financial institution inventory that the conglomerate has held since late 2007, a regulatory submitting with the Securities and Trade Fee confirmed. The conglomerate reported proudly owning 52.5 million shares of U.S. Bancorp as of Oct. 31, roughly 3.5% of the financial institution’s excellent shares, the submitting confirmed. That is down from a stake of 137.4 million shares, together with 17.6 million held by its New England Asset Administration subsidiary, as of the tip of the second quarter on June 30. The submitting signifies that Berkshire has offered 84.9 million shares, at present valued at $3.8 billion. The sale was prompted by Berkshire’s stake falling under 5%, the submitting said. The submitting additionally confirmed that Buffett himself owns virtually 499,000 shares in his private accounts. Buffett first purchased 23.3 million shares of U.S. Bancorp within the fourth quarter of 2007 . Shares of U.S. Bancorp are down about 20% this yr, in comparison with a roughly 17% loss for the S & P 500. Berkshire began unloading its financial institution shares this yr, exiting positions in JPMorgan, Goldman and Wells Fargo. The conglomerate nonetheless owned a large stake in Financial institution of New York Mellon on the finish of the second quarter.