Warren Buffett’s Berkshire Hathaway has further reduced its stake in Bank of America, according to a recent regulatory filing. The divestment, executed on Friday, Monday, and Tuesday, involved the sale of approximately 5.8 million shares valued at around $228.7 million, with an average sale price of $39.50 per share.
Following this sale, Berkshire Hathaway retains about 858.2 million shares in Bank of America, representing more than 11% of the bank’s outstanding shares. Since mid-July, Buffett’s holding company has sold over $7 billion worth of Bank of America stock.
In response to Buffett’s decision, Bank of America CEO Brian Moynihan expressed respect for Buffett’s role as a shareholder. At the Barclays Global Services Financial Services Conference, Moynihan remarked, “He’s been a great shareholder. We don’t inquire into his reasons for selling, but the market is absorbing the stock, and the bank is also buying some of it.”
Bank of America’s stock experienced a 1.5% drop to $38.66 around 2:30 p.m. ET, though it remains up approximately 14% year-to-date despite the day’s losses.
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