Warren Buffett’s Berkshire continues to cut Bank of America stake

Warren Buffett’s Berkshire Hathaway (NYSE:BRK.B) continued to trim its ownership in Bank of America (NYSE:BAC) as it sold an additional $863 million of the bank’s stock, bringing its stake down to 10.5%.

The investment giant (BRK.B) sold 21.6M BofA (BAC) shares in a period between September 20–September 24.

The prices for the share sale have ranged between $39.5 to $40.4 apiece.

Berkshire now holds 814.3M shares in the company, bringing it closer to the 10% ownership mark. If its stake falls below 10%, Berkshire (BRK.B) won’t be required to disclose BAC stock sales within two business days.

Berkshire (BRK.B) has sold over $8B of BofA (BAC) shares, or close to 20% of its stake, since mid-July.

BAC shares have gained 17.2% since the start of the year.