Warren Buffett’s Berkshire Hathaway reduced its stake in Bank of America by 33.9 million shares over a three-day period last week.
The selloff reduced the company’s holdings by about $1.5 billion, although it continues to have nearly 1 billion shares of the bank in its portfolio.
Berkshire continues to own almost a 13% stake in Bank of America.
Bank of America (
BAC
) shares fell in intraday trading Monday after
Warren Buffett’s
Berkshire Hathaway (
BRK.A
) cut its stake in the bank by $1.5 billion.
In a regulatory filing on Friday, the company reported it had sold 33.9 million shares over a three-day period last week. The per-share sale prices ranged from $43.13 to $44.07.
Berkshire Still Owns Large Stake in Bank of America
Even with the reduction, Berkshire continues to own approximately 999 million shares of BofA, worth more than $42 billion.
It holds an almost 13% stake in the firm, which is the second-biggest Berkshire investment in its portfolio after Apple (
AAPL
).
Shares of Bank of America hit a more than two-year high last week, but have fallen ever since, including about 1% as of noon ET Monday. Still, they remain up more than 25% year-to-date. Also last week, Berkshire Hathaway shares rose to a record before losing ground. They’re little changed today.
