Buffett’s $1 billion investment boosts Capital One’s shares.

Warren Buffett’s Berkshire Hathaway Takes Stake in Capital One Financial Corp

Shares of Capital One Financial Corp rose in premarket trading on Tuesday after billionaire investor Warren Buffett’s holding company disclosed it had taken a stake in the credit cards-focused bank. The bank’s stock, which was trading up 7% at $95.37, would open at its highest in more than two weeks, if gains hold.

Berkshire Hathaway’s Quarterly Disclosure

In its quarterly disclosure after the bell on Monday, Berkshire Hathaway said it had a 9.92 million share stake in the company. The stake would be worth $954 million, based on the closing price on March 31.

Capital One’s Business

As of Monday, Capital One shares had lost around 8% so far this month, as financial stocks felt the effects of First Republic Bank’s collapse. Besides credit cards, the McLean, Virginia-based Capital One also has a huge auto lending and commercial banking business.

Other Banks’ Performance

Western Alliance Bancorp, Comerica Inc and KeyCorp rose between 1% and 3% as investors’ focus shifted away from the troubles of the regional banking sector towards the U.S. debt ceiling debate. But PacWest Bancorp’s rally came to a screeching halt. Shares were down nearly 2% premarket after surging about 18% on Monday.

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