Warren Buffett’s Berkshire Hathaway switched stakes in two banks, and the stocks head in opposite directions

At Berkshire’s annual meeting, Buffett weighed in on recent scares for regional banks.

“In terms of owning banks, events will determine their future and you’ve got politicians involved, you’ve got a whole lot of people who don’t really understand how the system works,” he said.

Other changes included an increased stake in HP Inc.
HPQ,
+2.32%,
which grew by 16% to about 121 million shares. That growth was part of a combination of the holdings of General Re Corp., which Berkshire has owned since 1998 but had previously reported its holdings separately as part of New England Asset Management Inc.

“Beginning with the Form 13F to be filed later today, the holdings of Gen Re will be included in Berkshire’s 13F filing,” Berkshire said in a news release earlier Monday. “The NEAM Form 13F filings will no longer include Gen Re’s holdings but they will continue to include NEAM client holdings where NEAM is acting as an investment manager.”

Other holdings affected by that change included Apple Inc.
AAPL,
-0.29%,
Bank of America Inc.
BAC,
+2.07%
and Chevron Corp.
CVX,
+0.37%,
Berkshire said in its news release.

Other stocks that Berkshire made moves with during the first three months of the year included the former Restoration Hardware — RH
RH,
+1.89%
shares fell 3% after Berkshire disclosed selling off its 2.4 million stake. Berkshire also officially reported selling of its 8.3 million stake in Taiwan Semiconductor Manufacturing Co.
TSM,
+2.67%.