Berkshire Hathaway, led by Warren Buffett, has continued selling Bank of America shares, shedding over $3.8 billion since mid-July.
Berkshire sold 19.2 million Bank of America shares for $779 million from July 30 to Aug. 1, per Thursday’s regulatory filing.
Buffett’s conglomerate has sold 90.4 million Bank of America stock since July 17.
Transitioning, it remains Charlotte-based bank’s largest shareholder with 942.4 million shares (12.1% outstanding), valued at $37.2 billion.
Berkshire must report sales until the stake drops below 10%; additionally, it will announce Q2 earnings on Saturday morning.
The sales started after Bank of America’s stock rose by two-thirds since late October, trading over 1.2 times book value.
Consequently, Berkshire’s shares surged to over $45 billion, tripling the $14.6 billion it initially paid for them.
Since 2011, Berkshire has consistently invested in Bank of America, beginning with a $5 billion purchase of preferred stock.
That purchase showed Buffett’s trust in CEO Brian Moynihan to revive Bank of America post-2008 financial crisis.
Buffett, 93, praised Moynihan in April 2023, telling CNBC he didn’t want to sell the bank’s stock then.
Berkshire, based in Omaha, Nebraska, operates Geico car insurance, BNSF railroad, and various insurance, energy, industrial, and retail businesses.
Click here for more news on Finance and Investing.