Berkshire Hathaway dumps $2.3 billion of Bank of America shares in a 6-day sale

Berkshire Hathaway dumped much Bank of America shares this week, making it six consecutive trading days that Warren Buffett's conglomerate has reduced its involvement successful the bank.

The Omaha, Nebraska-based holding institution sold different 18.9 cardinal shares via transactions connected Monday, Tuesday and Wednesday astatine an mean terms of $42.46, raising $802.5 million, a new regulatory filing showed.

Over the past six trading sessions, Berkshire has unloaded 52.8 cardinal Bank of America shares worthy $2.3 billion, reducing the involvement to 12.5%. Berkshire inactive owns 980.1 cardinal BofA shares with a market worth of $41.3 billion, a distant 2nd to its $172.5 cardinal holding successful Apple.

Berkshire is required to disclose its banal moves wrong 2 concern days aft they are made, erstwhile the involvement successful immoderate institution exceeds 10%.

Buffett could beryllium trimming the stake connected valuation concerns aft Charlotte, North Carolina-based Bank of America outperformed the broader marketplace this year. The slope banal is up much than 25% successful 2024, compared with astir 14% for the S&P 500.

It marked the archetypal clip since the 4th fourth of 2019 that Berkshire chopped its BofA stake. In 2011, the Oracle of Omaha bought $5 cardinal worthy of the bank's preferred banal and warrants to enactment up assurance successful the lender arsenic it grappled with losses related to subprime mortgages successful the aftermath of the fiscal crisis.

Just past year, Buffett spoke highly of the enactment astatine BofA, adjacent arsenic helium offloaded different fiscal names. In 2022, Berkshire exited a fistful of longtime slope positions, including JPMorgan, Goldman Sachs, Wells Fargo and U.S. Bancorp. 

"I invited myself in, galore years earlier, and they made a precise decent woody for us. And I similar Brian Moynihan enormously, and I conscionable don't privation to, I don't privation to merchantability it," Buffett said successful 2023 of holding BofA.