Warren Buffett’s Berkshire Hathaway Sells More BofA Shares

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Key Takeaways

  • Warren Buffett’s Berkshire Hathaway sold more shares of Bank of America, a filing Monday showed, extending Berkshire’s pullback after a runup in the bank’s stock price.
  • Berkshire Hathaway sold about 18.41 million shares over the last week, bringing its stake to 961.65 million shares or 12.3% of Bank of America.
  • The move comes after Berkshire sold about 34 million shares earlier this month, when Bank of America shares hit a two-year high following an earnings beat.

Warren Buffett’s Berkshire Hathaway ( BRK.A , BRK.B ) sold more shares of Bank of America ( BAC ) over the last week, extending Berkshire’s pullback from one of its biggest bets after a runup in the bank’s stock price.

Berkshire Hathaway sold about 18.41 million shares from July 25 to July 29, a filing Monday showed. The move comes after Berkshire sold about 34 million shares of Bank of America earlier this month, when Bank of America shares hit a two-year high following an earnings beat.

Despite Cuts, Berkshire Retains Large BofA Stake

Despite trimming its stake, Berkshire owns roughly 961.65 million Bank of America shares, valued at about $39.51 billion at Bank of America’s closing price Monday of $41.09.

That bring Berkshire’s stake in Bank of America to about 12.3%, and still makes Bank of America Berkshire’s second-largest holding after Apple ( AAPL ).

Berkshire’s sales come after Bank of America shares climbed in the wake of its latest earnings beat , driven by growth in investment banking. Bank of America shares hit their highest point in over two years after the earnings report, but have since slipped about 5% to $41.60 as of Tuesday morning.

Berkshire Hathaway’s Class B shares were little changed Tuesday following the news, edging 0.5% higher to $440.48, below record levels reached earlier this month .