Warren Buffett's Berkshire Hathaway Further Trims Bank of America Stake
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Dan Brouillette/Bloomberg via Getty Images An attendee holds a cardboard cutout of Warren Buffett, chair and CEO of Berkshire Hathaway, during the Berkshire Hathaway annual shareholders meeting in Omaha, Nebraska, on May 4, 2024
Key TakeawaysWarren Buffett's Berkshire Hathaway sold more Bank of America stock to end August and start September, trimming its stake in nine straight trading sessions.The latest selling spree comes after the firm sold millions of shares in July after Bank of America stock hit a two-year high following an earnings beat.Berkshire still owns just over 11% of Bank of America's outstanding shares, a stake currently worth about $34.7 billion.
Warren Buffett's Berkshire Hathaway (BRK.A, BRK.B) further trimmed its stake in Bank of America (BAC), selling just over 18.7 million shares over the course of this week, according to a filing by the U.S. Securities and Exchange Commission (SEC).Berkshire has made cuts to its stake in Bank of America in recent months after the bank's stock hit a two-year high following an earnings beat. The bank's stock price has retreated from its July 16 closing price of $44.13, but is still close to 18% above where it started the year.Berkshire Sold BofA Stock in 9 Straight Trading SessionsBerkshire sold Bank of America stock in each of the last nine trading sessions, dating back to Aug. 26, bringing its stake down to about 864 million shares at Thursday's close, from just under 950 million shares at the start of the month.The latest sales put Berkshire's stake at just over 11% of Bank of America's 7.77 billion outstanding shares, currently worth about $34.7 billion.Bank of America and Berkshire's Class B shares were little changed in early trading Friday following the news. Read the original article on Investopedia.
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