By Liz Moyer

Investing.com — Citigroup Inc (NYSE) shares surged 8.8% after Tuesday’s regulatory filing from Warren Buffett’s Berkshire Hathaway. The filing revealed that Inc had acquired a 55m-share stake during the quarter.

At the close of March, it was worth nearly $3Billion.

Buffett was a longtime supporter of financial stocks and banks. Berkshire still exited a long-standing position. Wells Fargo & Company (NYSE:) in the first quarter after gradually whittling away at it for three years.

Bank of America Corp (NYSE 🙂 American Express The stockholdings of Company (NYSE:), which currently ranks among the largest in Berkshire, remain. The company also acquired a stake in Ally Financial Inc. (NYSE:) valued at around $390 millions.

Citi shares are trailing other financials in terms of performance, falling nearly 15% and 33% respectively this year.