Billionaire Buffett is selling about $845 million worth of BofA stock again, according to Reuters

(Reuters) – Billionaire Warren Buffett’s Berkshire Hathaway (NYSE: ) reduced its stake in Bank of America again with a stock sale worth about $845 million, a regulatory filing showed on Friday.

The conglomerate led by one of the world’s most respected investors unloaded more than $6 billion worth of shares in the second-largest U.S. bank in seven rounds of stock sales since July.

Berkshire, BofA’s largest shareholder, disclosed that it sold about 21.1 million shares of the bank between August 28 and 30.

Buffett began investing in the bank in 2011, when Berkshire bought $5 billion in preferred stock. That purchase signaled his confidence in CEO Brian Moynihan’s ability to restore the lender to health after the 2008 financial crisis.

Buffett, 93, told CNBC in April 2023 that he liked Moynihan “tremendously” and did not want to sell the bank’s stock at the time.

BofA shares have gained 21% so far this year, compared with a 22.6% gain in the Bank Index, which tracks the performance of large-cap banks.