Warren Buffett'sBerkshire HathawayBRK BRK has offloaded approximately 33.9 million shares of Bank of AmericaBAC, equivalent to around $1.48 billion, as per a regulatory filing with the U.S. Securities and Exchange Commission (SEC.)
What Happened:The transactions were executed this week, bringing down Berkshire Hathaways ownership to about 999 million BofA shares. The Charlotte, North Carolina-based bank lists Berkshire as one of its biggest shareholders.
Berkshire, under the leadership of Buffett, holds a diverse portfolio of bank investments, encompassing stakes in Wells Fargo & CoWFC and JPMorgan ChaseJPM.
The conglomerate first invested in Bank of America in 2011, purchasing $5 billion of preferred stock and warrants to buy 700 million common shares, at a time when many investors were apprehensive about the banks capital requirements.
Why It Matters:This move is in line with Berkshires recent trend of trimming its holdings in various companies. In Q1 2024, Berkshire reduced its stakes in five major companies, including a significant sale of over 116 million shares of Apple Inc.
In June, Berkshire further reduced its stake in China-based electric vehicle maker BYD Co Ltd., fetching proceeds of HK$ 310.5 million ($39.8 million). This was part of a series of small quantity offloads of BYD shares over the years.
Price Action:Bank of America Corp.'s shares closed 0.26% lower at $42.90 on Friday. Berkshire Hathaway Inc.'s Class A shares fell 1.63% to $652,040, while Berkshire Hathaway Inc.'s Class B shares closed 1.66% lower at $434.47, according to data from Benzinga Pro.
China's assets explosion and the high record global capital influx hit
Hong Kong Stocks Surge, Hang Seng Index Opens Up 543 Points
China's bailout policy triggers LVMH and Hermès to rise nearly 10%
Will policies boost confidence and the A-share market live up to expectations?
Check whenever you want
WikiStock APP