Since mid-July, Berkshire Hathaway has sold more than 174.7 million shares of the Charlotte-based bank for $7.2 billion.
The Omaha-based conglomerate shed a total of 5.8 million BofA shares in separate sales on Friday, Monday and Tuesday for almost $228.7 million at an average selling price of $39.45 per share, according to aThe latest action extended Berkshire's selling streak to 12 consecutive sessions, matching the 12 consecutive sessions from July 17 to Aug. 1.
BofA CEO Brian Moynihan made a rare comment about Berkshire's sales Tuesday, saying he has no knowledge of Buffett's motivation for selling."I don't know what exactly he's doing, because frankly, we can't ask him. We wouldn't ask," he said during Barclays Global Financial Services Conference, according to a transcript on FactSet."But on the other hand, the market's absorbing the stock .... we're buying a portion of the stock, and so life will go on.
Feeling out of the loop? We'll catch you up on the Chicago news you need to know. Sign up for the weekly "He's been a great investor for our company, and stabilized our company when we needed at the time," he said.
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