Warren Buffett’s Berkshire Hathaway trims Bank of America stake to just above 10%

Billionaire investor Warren Buffett’s Berkshire Hathaway (NYSE:BRK.A) continued its recent sales of Bank of America (NYSE:BAC) shares on Friday, offloading roughly 3.9M shares to trim its stake to 10.3%, just above a key regulatory threshold.

According to an SEC filing late Friday, the Omaha, Nebraska-based conglomerate has sold approximately 11.7M Bank of America (BAC) shares worth about $460M at an average of $39.42 apiece over the past three days.

Since Berkshire’s (NYSE:BRK.B) recent selling streak began in mid-July, Bank of America (BAC) has lost ~10% as the insurance behemoth offloaded nearly 230M shares worth ~$9.5B to cut its stake by more than 20%, according to Barron’s.

Its latest share sale cut its ownership in America’s second-largest bank to about 802.7M, just above the 10% threshold that significant shareholders such as Berkshire’s (BRK.B) are required to disclose insider transactions within two business days.