Berkshire Hathaway trimmed its gigantic Bank of America holding for the first time in four and a half years following the bank's strong 2024 run.
Warren Buffett walks the floor and meets with Berkshire Hathaway shareholders ahead of their annual meeting in Omaha, Nebraska on May 3rd, 2024.Warren Buffett's conglomerate sold 33.9 million shares of Bank of America shares for almost $1.5 billion in separate sales on Wednesday, Thursday, and Friday at an average selling price of $43.56,
It marked the first time since the fourth quarter of 2019 that the Omaha-based conglomerate has reduced the stake. Still, Bank of America remains Berkshire's second largest equity position after Apple, holding 999 million shares with a market value of almost $43 billion. Meanwhile, Berkshire is still Bank of America's largest shareholder with a 10.8% stake.
Berkshire could be taking some profits as Bank of America has rallied 27.4% so far this year to its highest levels since March 2022. In the first quarter, BuffettThe Oracle of Omaha's purchase of Bank of America has become one of the most endearing Wall Street tales.
The 93-year-old investor said he was attracted to CEO Brian Moynihan's leadership and the profit-generating abilities of the franchise. Moynihan later recalled that Buffett initially tried to reach him through Bank of America's public phone line, but got rejected by the call center. Despite the snafu, the deal still came together within hours, he said.
Berkshire Hathaway Inc Markets Stock Markets Wall Street Investment Strategy Breaking News: Business Breaking News: Investing Breaking News: Markets Business News
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.
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 »
Warren Buffett donates record $5.3B Berkshire shares to these five charitiesBuffett, 93, plans to give away more than 99% of the fortune he built at Berkshire, which he has run since 1965, with his children serving as executors of his will.
Read more »
Warren Buffett donates record $5.3 billion Berkshire shares to charityWarren Buffett donates record $5.3 billion Berkshire shares to charity
Read more »
Meet The Most Powerful Philanthropists In America: Warren Buffett’s KidsLindsey Choo is an editorial fellow at Forbes covering billionaires. She previously wrote about technology for The Wall Street Journal, Fast Company and Politico's tech news site Protocol. She also contributed to Platformer News, a newsletter focused on the intersection of Silicon Valley and democracy.
Read more »
Greater risk is paying off for these tax-free bonds. Here’s how they may fit into your portfolioHigh-yield municipal bonds had a strong first half, according to Bank of America.
Read more »
Gold could rally to $3,000 over the next 12-18 months, according to Bank of AmericaBut demand among institutional investors needs to pick up for the precious metal to hit that level.
Read more »