From CNBC: 2024-07-30 09:12:15

Warren Buffett sold 18.4 million Bank of America shares in nine days, totaling $767 million. Berkshire Hathaway cut its stake by 71.2 million shares for over $3 billion. Despite selling, Berkshire still holds 961.6 million shares worth $39.5 billion, making it the second largest equity holding after Apple.

Berkshire remains BofA’s largest shareholder with a 12.3% stake. Buffett famously bought $5 billion of BofA’s stock in 2011 post-financial crisis. Berkshire’s cost basis was $14.15 per share in 2021, now worth $39.2 billion. BofA’s stock surged 22% in 2024, outperforming S&P 500’s 14.5% return.

Berkshire Hathaway’s upcoming second quarter earnings release will provide more details on their major holdings. Buffett’s significant sales of Bank of America shares signal a shift from his previously stated intent to hold the stock for a “long, long time.” The conglomerate’s actions reflect a possible profit-taking strategy amidst BofA’s strong performance this year.

Read more: Warren Buffett’s Berkshire Hathaway sells Bank of America for a ninth-straight day