
Warren Buffett’s conglomerate Berkshire Hathaway continues to shed its Bank of America stock holdings. According to a regulatory filing made early this week, Berkshire sold 18.3 million BofA shares worth roughly $766 million.
Berkshire started unloading its BofA shares in mid-July, selling a total of 71.2 million shares and netting around $3.05 billion in the process.
After the recent sales, Berkshire reduced its stake in the second-largest U.S. bank by 6.9%. It still remains BofA’s largest shareholder with a 12.4% stake that amounts to 961.5 million shares worth $39.5 billion.
It appears that Berkshire decided to cash in on the strong bank stocks despite Buffett’s previous comments that it would be hard for him to part ways with BofA shares due to his overwhelming belief in the bank’s CEO Brian Moynihan.
Berkshire might not be done with the sales, possibly aiming to get its stake in BofA under 10%. At this point, the conglomerate wouldn’t be required to disclose its future sales.
BofA stock peaked at $44.13 per share in mid-July, the highest it has been since early 2022. It was at that point that Berkshire started its sell-off, which ultimately drove the price of shares down. The stock closed at $41.28 per share on Tuesday, marking a 21.77% increase year-to-date.