Article Synopsis
Berkshire Hathaway, led by Warren Buffett, has reduced its stake in Bank of America for six consecutive trading days, selling 18.9 million shares this week for $802.5 million. Over the last six sessions, Berkshire has sold 52.8 million shares worth $2.3 billion, lowering its stake to 12.5%. Despite this reduction, Berkshire still holds 980.1 million shares valued at $41.3 billion, second only to its $172.5 billion investment in Apple.
The sell-off may be due to valuation concerns, as Bank of America has outperformed the broader market, rising over 25% in 2024. This marks the first reduction in Berkshire’s BofA stake since late 2019. Buffett’s history with BofA includes a significant investment during the 2011 financial crisis and continued confidence in CEO Brian Moynihan.
