Warren Buffett speaks at Berkshire Hathaway’s annual shareholder meeting on May 4, 2024 in Omaha, Nebraska.
CNBC
Warren Buffett isn’t done selling yet Bank of America.
According to the latest report, Berkshire Hathaway sold a total of 19.2 million Bank of America shares on Tuesday, Wednesday and Thursday for a total price of nearly $779 million, with an average price of $40.52 per share. Supervision filing.
The group has now sold off bank stocks for 12 consecutive days, with total sales now exceeding $3.8 billion. As of Thursday’s closing price of $39.50, its remaining 942.4 million shares had a market capitalization of $37.2 billion.
As of Thursday’s close, Bank of America fell to third place on Berkshire’s list of holdings, lagging behind other companies. apple and American Express, currently valued at $37.7 billion. Before the frenzied sell-off, Bank of America had long been Berkshire’s second-largest holding.
Berkshire Hathaway remains the bank’s largest shareholder, with a 12.1% stake.
The bank’s shares are down 5.2% so far this week, falling to $38.98 in Thursday trading as recession fears grip the financial sector. Bank of America shares are up more than 17% so far this year, outperforming the S&P 500.
Bank of America
Buffett famously bought $5 billion worth of Bank of America preferred shares and warrants after the 2011 financial crisis, boosting confidence in the troubled bank, which was facing problems related to subprime mortgages Loss. He converted those warrants in 2017, making Berkshire the largest shareholder in Bank of America and vowed it would be “a long time” before he sold.
The legendary investor said at the time that he “really liked” the Charlotte-based bank’s business, valuation and management.
Bank of America, led by Brian Moynihan since 2010, recently reported blowout second-quarter results that showed rising investment banking and asset management fees and a positive outlook for net interest income.
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