Warren Buffett’s conglomerate, Berkshire Hathaway, has decreased its holding in Bank of America for six straight trading days with more of its shares being unloaded this week.
The holding company, situated in Omaha, Nebraska, raised $802.5 million by selling an additional 18.9 million shares through transactions on Monday, Tuesday, and Wednesday at an average price of $42.46.
Berkshire’s holding in Bank of America has dropped to 12.5% after the company sold 52.8 million shares, valued at $2.3 billion, during the last six trading sessions.
Despite having a $172.5 billion stake in Apple, Berkshire still has 980.1 million shares in Bank of America, valued at $41.3 billion on the market.
If Berkshire owns more than 10% of a company, it must report any stock transactions within two business days of the transaction.
Buffett might be reducing his wager due to value worries after Charlotte, North Carolina-based Bank of America beat the overall market this year. In 2024, the S&P 500 has increased by about 14%, while bank stocks have increased by over 25%.
Source (CNBC)