Berkshire Hathaway Sells More Bank of America Stock: Here's How Much It Has Left
Thursday, Sep 19, 2024 11:21 pm ET
1min read Berkshire Hathaway, the multinational conglomerate led by legendary investor Warren Buffett, has been making waves in the financial world with its recent decisions regarding its stake in Bank of America (BofA). In a series of transactions over the past few months, Berkshire Hathaway has sold a significant portion of its shares in the second-largest U.S. lender. This article explores the details of these sales, the remaining stake of Berkshire Hathaway in Bank of America, and the potential implications for both companies and the broader market.
Berkshire Hathaway's Sell-Off
Berkshire Hathaway has been steadily reducing its stake in Bank of America since mid-July. According to regulatory filings, the conglomerate has sold over 174.7 million shares, raking in approximately $7.19 billion. The latest sale, which took place between September 6 and September 10, involved the disposal of around 5.8 million shares, worth approximately $228.7 million.
Market Reaction
The market has been closely watching Berkshire Hathaway's moves in Bank of America. Since the conglomerate kicked off its selling spree, Bank of America's stock has lagged the broader markets. On Wednesday, September 11, Bank of America's shares were down 0.8% in premarket trading following the latest sale announcement.
Berkshire Hathaway's Sell-Off
Berkshire Hathaway has been steadily reducing its stake in Bank of America since mid-July. According to regulatory filings, the conglomerate has sold over 174.7 million shares, raking in approximately $7.19 billion. The latest sale, which took place between September 6 and September 10, involved the disposal of around 5.8 million shares, worth approximately $228.7 million.
Market Reaction
The market has been closely watching Berkshire Hathaway's moves in Bank of America. Since the conglomerate kicked off its selling spree, Bank of America's stock has lagged the broader markets. On Wednesday, September 11, Bank of America's shares were down 0.8% in premarket trading following the latest sale announcement.
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