Berkshire Hathaway Reduces Stake in Bank of America

Warren Buffett’s Berkshire Hathaway (NYSE:BRKa, NYSE:BRKb) has been gradually reducing its stake in Bank of America Corp (NYSE:BAC) since mid-July. The recent sales indicate a slowing pace of divestment.

This week, Berkshire sold $338 million worth of shares, according to an SEC filing on Wednesday. This marks the 13th round of disposals, with the average price on Tuesday and Wednesday being $39.40 per share, one of the lowest since the sell-off began, as reported by Bloomberg News.

Earlier rounds involved approximately $750 million worth of shares being sold per round over the past few months. Berkshire’s recent divestment follows another sale in late September, where the company sold over $460 million of Bank of America shares between September 25-27.

This included:
– 2.3 million shares at an average price of $39.27 on September 25
– 5.5 million shares at $39.46 on September 26
– 3.9 million shares at $39.52 on September 27

Prior to this, from September 20-24, Berkshire disposed of another $862 million worth of shares, with sales spreading across several days at various prices, fluctuating between $39.49 and $40.36.

Despite this ongoing sell-off, Berkshire remains the largest shareholder in Bank of America, holding onto a substantial 10.2% stake worth over $31 billion. Warren Buffett, now 94, has not publicly disclosed his reasons for the sales.