Warren Buffett Sheds More Bank of America Stock

Bank of America (BofA) (BAC) shares lost ground Wednesday after news that Warren Buffett‘s Berkshire Hathaway (BRK.A)(BRK.B) again reduced its stake in the bank. 

In a regulatory filing Tuesday, Buffett holding company Berkshire reported that it sold a total of approximately 5.8 million Bank of America shares valued at about $228.7 million in separate moves on Friday, Monday, and Tuesday. The average sale price was $39.5 per share.

With this latest sale, Berkshire held about 858.2 million shares in BofA at the time of the filing, still a stake greater than 11%. It has sold off more than $7 billion worth of the stock since mid-July.

BofA CEO Says Bank Is Buying Some of Buffett’s Sold Shares

When asked about Buffett’s decision, Bank of America Chief Executive Officer (CEO) Brian Moynihan said at Barclays Global Services Financial Services Conference, “look, he’s been a great shareholder.”

“I don’t know what exactly he’s doing because, frankly, we can’t ask and we wouldn’t ask, but on the other hand, the market is absorbing the stock, and it’s a portion of the volume every day, and we’re buying the stock, a portion of the stock, and so life will go on,” Moynihan added.

BofA stock was off about 1.5% at $38.66 around 2:30 p.m. ET. Even with the day’s losses, shares of Bank of America are up about 14% year-to-date.