Key Takeaways
- Warren Buffett’s Berkshire Hathaway sold more shares of Bank of America, a filing Monday showed, extending Berkshire’s pullback after a runup in the bank’s stock price.
- Berkshire Hathaway sold about 18.41 million shares over the last week, bringing its stake to 961.65 million shares or 12.3% of Bank of America.
- The move comes after Berkshire sold about 34 million shares earlier this month, when Bank of America shares hit a two-year high following an earnings beat.
Warren Buffett’s Berkshire Hathaway (BRK.A,BRK.B) sold more shares of Bank of America (BAC) over the last week, extending Berkshire’s pullback from one of its biggest bets after a runup in the bank’s stock price.
Berkshire Hathaway sold about 18.41 million shares from July 25 to July 29, a filing Monday showed. The move comes after Berkshire sold about 34 million shares of Bank of America earlier this month, when Bank of America shares hit a two-year high following an earnings beat.
Despite Cuts, Berkshire Retains Large BofA Stake
Despite trimming its stake, Berkshire owns roughly 961.65 million Bank of America shares, valued at about $39.51 billion at Bank of America’s closing price Monday of $41.09.
That bring Berkshire’s stake in Bank of America to about 12.3%, and still makes Bank of America Berkshire’s second-largest holding after Apple (AAPL).
Berkshire’s sales come after Bank of America shares climbed in the wake of its latest earnings beat, driven by growth in investment banking. Bank of America shares hit their highest point in over two years after the earnings report, but have since slipped about 5% to $41.60 as of Tuesday morning.
Berkshire Hathaway’s Class B shares were little changed Tuesday following the news, edging 0.5% higher to $440.48, below record levels reached earlier this month.