Warren Buffett speaks during Berkshire Hathaway’s Annual Shareholders Meeting in Omaha, Nebraska on May 4, 2024.
CNBC
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Warren Buffett added about $6 billion to Berkshire Hathaway’s cash pile this summer on a string. Bank of America Stock sales start in mid-July.
According to the latest filing on Friday, sales of 21.1 million shares on Wednesday, Thursday and Friday brought in $848.2 million, an average price of $40.24.
Berkshire has sold shares of Bank of America for six straight sessions. Since it began reducing its holdings on July 17, it has sold shares in 21 of the past 33 sessions.
In total, Berkshire has cut its holdings of BofA by 14.5% by selling 150.1 million shares for $6.2 billion. That’s an average of $41.33 per share.
BofA is Berkshire’s third-largest shareholder, accounting for about 11% of its portfolio.
Berkshire remains Bank of America’s largest shareholder with an 11.4% stake of 882.7 million shares worth nearly $36 billion.
As the sale continues, however, it has approached 639 million Vanguard Group shares.
While there are several theories as to why Berkshire is selling shares that Buffett said late last year he did not want to sell, despite concerns about the banking sector as a whole, so far there has been no explanation from Omaha.
Buffett turned 94 on Monday. As of June 30, Berkshire’s cash pile was a record $277 billion.
