Another large portion of Bank of America shares were sold by Warren Buffett’s Berkshire Hathaway, lowering its ownership to 11% and increasing total sales since mid-July to almost $7 billion.
The Omaha-based conglomerate sold 5.8 million BofA shares in three separate sales on Friday, Monday, and Tuesday for a total of about $228.7 million, or an average selling price of $39.45 per share.
The most recent activity brought Berkshire’s selling streak to 12 straight sessions, matching the 12 straight sessions that occurred from July 17 to August 1.
With 858.2 million shares, or 11.1% of the existing shares, still outstanding after Berkshire sold more than 174.7 million shares of the Charlotte-based bank for $7.2 billion.
BofA is now ranked third on Berkshire’s list of largest holdings, lagging behind American Express and Apple. BofA was Berkshire’s second-largest position for a considerable amount of time prior to the sell-off.
Source (CNBC)
