Warren Buffett trims Bank of America stake further with $845M share sale
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Billionaire investor Warren Buffett’s Berkshire Hathaway (NYSE:BRK.A) has continued to lower its stake in Bank of America (NYSE:BAC), with nearly $845M worth of a share sale towards the end of the week.
The transaction followed the insurance behemoth’s ~$982M share sale in America’s second-largest bank, disclosed early this week.
According to a regulatory filing on Friday, Berkshire Hathaway (NYSE:BRK.B) sold ~21.1M Bank of America (BAC) shares, cutting its stake to 882.7M shares in three transactions from Aug. 28 to Aug. 30.
The Omaha, Nebraska-based conglomerate has offloaded more than $6B worth of BAC shares since July.
Early this week, the company announced the sale of nearly 24.7M Bank of America (BAC) across three transactions conducted between Aug. 23 and Aug. 27.
With Fed rate cuts looming, Bank of America (BAC) has slipped ~2% over the past 30 days amid investor concerns over the banking sector’s profitability.
Meanwhile, Berkshire Hathaway’s (BRK.A) Q2 cash pile jumped to a record $276.9B as of June 30 from $189.0B at the end of Q1.