Over the past nine trading sessions, Berkshire has cut its BofA stake by 71.2 million shares with just over $3 billion of sales.
Warren Buffett walks the floor ahead of the Berkshire Hathaway Annual Shareholders Meeting in Omaha, Nebraska on May 3, 2024.stake has extended to nine straight days, suggesting that Warren Buffett is not just trimming the longtime holding.
The Omaha-based conglomerate sold a total of 18.4 million shares of the bank from Thursday to Monday for $767 million at an average price of $41.65, a newlate Monday revealed. Over the past nine trading sessions, Berkshire has cut its stake by 71.2 million shares with just over $3 billion of sales. After the selling spree, Berkshire still owns 961.6 million shares of BofA with a market value of $39.5 billion. BofA remains Berkshire's second largest equity holding after Apple, but if the conglomerate continues to offload those shares, the bank could fall below third-placeBerkshire is still BofA's largest shareholder with a 12.3% stake.
The conglomerate could be taking some profits after BofA's strong run, culminating in a big year this year. The bank stock has rallied 22% in 2024, outperforming the S&P 500′s 14.5% return. Berkshire is set to release second-quarter earnings Saturday morning, which will also reveal further info on the conglomerate's biggest holdings.
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