One of Berkshire Hathaway’s most notable moves in the fourth quarter was cutting its exposure to regional banks. That move is proving timely, given the tumult hitting financial stocks over the past week.

Warren Buffett’s company cut its stake in Bank of New York Mellon, which it first disclosed investing in back in 2010, by roughly 60% in the final quarter of 2022, according to a February regulatory filing. Berkshire also slashed its stake in U.S. Bancorp by roughly 91% the same quarter—a notable move given Berkshire had been invested in the lender since 2006.

Both stocks were down substantially Monday. BNY Mellon fell 6.3%, while U.S. Bancorp slipped 9%.

Berkshire’s investment portfolio still has significant exposure to financial stocks: Bank of America and American Express ranked as two of its five biggest stock investments as of the end of 2022.

One investor and longtime Berkshire shareholder, Bill Smead, chief investment officer of Smead Capital Management, said he “would not be surprised if Berkshire took advantage of the selloff” in financial stocks to add to its long held position in Bank of America.

David Kass, a finance professor at the University of Maryland’s Robert H. Smith School of Business, said he could see Berkshire potentially eyeing other options as well. “Financial institutions are well within his circle of competence,” Mr. Kass said.

Such a move would have some precedent. Berkshire has a long history of investing in banks during crises. It famously invested $5 billion in Goldman Sachs Group in 2008, helping shore up confidence in the lender during the financial crisis. Berkshire also bet $5 billion on Bank of America back in 2011, at a time when investors had become increasingly concerned about the bank’s future.

Berkshire did not respond to requests for comment.