From CNBC: 2024-07-25 08:53:14

Warren Buffett’s Berkshire Hathaway has been selling Bank of America shares for six consecutive trading days, reducing its stake by nearly $2.3 billion. Despite trimming to 12.5%, Berkshire still holds 980.1 million Bank of America shares with a market value of $41.3 billion, trailing only its Apple holdings.

Berkshire is required to disclose stock moves exceeding 10% within two business days. Buffett may be adjusting due to Bank of America’s outperformance this year, up over 25%. This marks the first reduction in the Bank of America stake since 2019 when Berkshire showed confidence in the bank during the financial crisis.

In the past, Buffett has praised Bank of America’s leadership, maintaining faith in CEO Brian Moynihan. The conglomerate has parted ways with several other bank positions recently, including JPMorgan, Goldman Sachs, Wells Fargo, and U.S. Bancorp. Bank of America remains a significant holding for Buffett.

Read more: Berkshire dumps $2.3 billion of Bank of America in a 6-day sale