Warren Buffett’s Berkshire trims Bank of America stake for the first time since 2019 after strong rally
From CNBC: 2024-07-22 09:43:07
Warren Buffett meets with Berkshire Hathaway shareholders ahead of the annual meeting in Omaha, Nebraska on May 3, 2024.
Berkshire Hathaway sells 33.9 million Bank of America shares for almost $1.5 billion at an average price of $43.56, marking the first stake reduction since 2019. Bank of America remains Berkshire’s second largest equity position at almost $43 billion market value. Berkshire holds a 10.8% stake in Bank of America.
Bank of America shares dip slightly after Berkshire Hathaway sells shares. Buffett purchased $5 billion of Bank of America’s preferred stock and warrants in 2011 while taking a bath, showing confidence in the bank during the financial crisis. Buffett admired CEO Brian Moynihan’s leadership and the bank’s profit-generating abilities.