Buffett’s Berkshire Sells $338 Million in Bank of America Stock as Sales Decline

Warren Buffett’s Berkshire Hathaway has been gradually decreasing its stake in Bank of America since mid-July, with the latest sales indicating a slowing trend.

This week, Berkshire sold $338 million worth of shares, according to SEC filings, marking its 13th round of sales. The average price obtained on Tuesday and Wednesday was $39.40 per share, one of the lowest prices since the selling began.

This recent divestment is a significant reduction compared to earlier rounds, where the company sold approximately $750 million worth of shares on average.

Berkshire’s latest sales followed transactions that occurred in late September, during which the company sold over $460 million in Bank of America stock. This included sales of 2.3 million shares at an average price of $39.27 on September 25, 5.5 million shares at $39.46 on September 26, and 3.9 million shares at $39.52 on September 27.

In the period just prior to this, from September 20-24, Berkshire sold an additional $862 million worth of shares, with notable sales including 10.2 million shares on September 20 at $40.36, 4.9 million shares on September 23 at $39.94, and 6.4 million shares on September 24 at $39.49. During these transactions, prices ranged between $39.49 and $40.36.

Despite this ongoing sell-off, Berkshire remains the largest shareholder in Bank of America, holding a significant 10.2% stake valued at over $31 billion. Buffett, now 94, has not publicly shared his motivations for these sales.