Berkshire Hathaway continues to reduce its holdings of Bank of America stocks, cashing out $9 billion since July
Berkshire Hathaway continues to reduce its holdings of Bank of America stocks, cashing out approximately $9 billion since July. The latest filing shows that the company sold around 21 million shares between September 20th and 24th, cashing out about $863 million. Berkshire currently holds a 10.5% stake in Bank of America, valued at $32.13 billion. If the stake falls below 10%, there will no longer be a need to report the sale of equity on a regular basis. Buffett has been investing in the bank since 2011
Reuters, September 25 - Warren Buffett's Berkshire Hathaway (BRKa.N) latest filing on Tuesday showed that the company sold more Bank of America (BAC.N) stocks, cashing out about $9 billion since July.
The conglomerate stated that it sold around 21 million shares of stock between September 20 and September 24, cashing out about $863 million. Prior to this, it had sold about 45.6 million shares earlier this month.
According to LSEG data, Berkshire Hathaway currently holds a 10.5% stake in the large U.S. bank, valued at $32.13 billion. If the stake falls below 10%, there will no longer be a need to report equity sales regularly.
Buffett began investing in the bank in 2011 when Berkshire Hathaway purchased $5 billion worth of preferred stock. After exercising the warrants, Buffett converted the preferred stock to common stock in 2017