Buffett Slows Pace of Bank of America (BAC) Sales, Sells Another $338 Million

Berkshire Hathaway Inc. continued to reduce its stake in Bank of America Corp. (BAC), but at a slower pace as the stock fell to its lowest since the massive July sell-off. The company sold $338 million worth of Bank of America shares this week, less than the average $750 million per round in recent months.

Berkshire Hathaway's sale of Bank of America shares this week for $338 million was a third consecutive sign of a slowdown in the pace of the reduction. The figure was less than the average $750 million per round in recent months, and the average price of $39.40 for the two-day period was near the lower end of recent levels.

While Mr. Buffett, 94, hasn't publicly explained the reasons for the Bank of America sales, Berkshire Hathaway remains the bank's largest shareholder, with a 10.2% stake worth more than $31 billion.

Since starting the reduction in mid-July, Berkshire Hathaway has sold about $3.825 billion of Bank of America shares in July. The reduction continued in August, with sales of about $550 million, $981.9 million and $848 million in the periods of Aug. 15-19, Aug. 23-27 and Aug. 28-30, respectively.

The reduction continued into September. Last week's disclosure showed Berkshire Hathaway sold $896 million of Bank of America shares in the period of Sept. 17-19, meaning that even after months of selling, Berkshire Hathaway's remaining stake in the bank is worth $32.1 billion.

Notably, according to a filing submitted to the Securities and Exchange Commission on Sept. 24, Berkshire Hathaway further reduced its stake in Bank of America in the three trading days through Tuesday, holding 10.5% of the bank. Mr. Buffett's total proceeds from selling Bank of America shares since mid-July, plus dividends received since 2011, already exceed the $14.6 billion he paid for his Bank of America shares.