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Key Takeaways
Warren Buffett’s Berkshire Hathaway reduced its holdings of Bank of America by 33.9 million shares over three days last week.
The sale reduced the company’s holdings by about $1.5 billion, but it still has about 1 billion shares of the bank in its portfolio.
Berkshire still owns about 13% of Bank of America.
Shares of Bank of America (BAC) fell in trading on Monday. Warren Buffett’s Berkshire Hathaway (BRK-B) reduced its stake in the bank by $1.5 billion.
The company reported in a regulatory filing on Friday that it sold 33.9 million shares over three days last week, with prices per share ranging from $43.13 to $44.07.
Berkshire still owns a large stake in Bank of America.
After the stake reduction, Berkshire still owns about 999 million shares of Bank of America, valued at more than $42 billion. Berkshire owns about 13% of Bank of America, making it the second-largest investment in its portfolio after Apple (AAPL).
Bank of America shares hit a two-year high last week but have since fallen, down about 1% as of noon ET on Monday. Still, they’re up more than 25% this year. Berkshire Hathaway shares also fell after rising to an all-time high last week. They were little changed today.
Investopedia.
