Billionaire Warren Buffett’s Berkshire Hathaway has once again cut its stake in Bank of America (BoFA) with a share sale worth roughly $845m, a regulatory filing showed on Friday.
The conglomerate run by one of the world’s most revered investors has offloaded shares worth more than a combined $6bn in the second largest US bank in seven rounds of share sales since July.
Berkshire, BofA’s top shareholder, disclosed that it had sold roughly 21.1-million shares of the bank between August 28 and August 30.
Buffett started investing in the bank in 2011 when Berkshire bought $5bn of preferred stock. That purchase signalled his confidence in CEO Brian Moynihan’s ability to restore the lender to health after the 2008 financial crisis.
Buffett, 93, had in April 2023 told CNBC that he liked Moynihan “enormously” and did not want to sell the bank’s stock at the time.
BofA shares have gained 21% so far this year, compared with a 22.6% gain in the S&P 500 Banks index, which tracks the performance of large-cap banks.
Reuters
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