Berkshire Hathaway dumped a total of 19.2 million BofA shares over the past three days for almost $779 million, according to a new regulatory filing.
Berkshire Hathaway shed a total of 19.2 million BofA shares on Tuesday, Wednesday, and Thursday for almost $779 million at an average selling price of $40.52 per share, according to a newThe conglomerate has now been offloading the bank stock for 12 consecutive days with total sales now exceeding $3.8 billion. Its remaining 942.4 million shares have a market value of $37.2 billion at Thursday's close of $39.50.
As of Thursday's close, Bank of America fell to the No.3 spot on Berkshire's list of top holdings, trailing behindThe bank stock has dropped 5.2% so far this week, going as low as $38.98 in Thursday's trading as recession fears plague the financial sector. Year to date, BofA is up more than 17%, outperforming the S&P 500.
Buffett famously bought $5 billion worth of BofA's preferred stock and warrants in 2011 in the aftermath of the financial crisis, shoring up confidence in the embattled lender struggling with losses tied to subprime mortgages. He converted those warrants in 2017, making Berkshire the largest shareholder in BofA, vowing that it would be afor the second quarter that showed rising investment banking and asset management fees as well as a positive outlook on net interest income.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Warren Buffett's Berkshire Hathaway sells Bank of America for a ninth-straight dayOver the past nine trading sessions, Berkshire has cut its BofA stake by 71.2 million shares with just over $3 billion of sales.
Read more »
Berkshire sells around $1.48 billion Bank of America shares, filing showsBerkshire sells around $1.48 billion Bank of America shares, filing shows
Read more »
Berkshire Hathaway dumps $2.3 billion of Bank of America shares in a 6-day saleWarren Buffett’s holding company sold more Bank of America shares this week, reducing its holding across six consecutive trading days.
Read more »
Berkshire Hathaway dumps $2.3 billion of Bank of America shares in a 6-day saleWarren Buffett's holding company sold more Bank of America shares this week, reducing its holding across six consecutive trading days.
Read more »
Warren Buffett dumps $3B worth Bank of America shares to cash in on soaring stock priceBuffett’s Berkshire Hathaway first invested in the bank in 2011 amid the fallout from the 2008 financial crisis.
Read more »
Buffett offloads more Bank of America shares; sales top $3.8 billionBuffett offloads more Bank of America shares; sales top $3.8 billion
Read more »