Warren Buffett’s Berkshire Hathaway is further reducing its Bank of America stake

Key recommendations

• Warren Buffett’s Berkshire Hathaway sold more Bank of America shares through late August and early September, reducing its holdings in nine straight trading sessions.

• The latest wave of selling comes after the firm sold millions of shares in July after Bank of America shares hit a two-year high following an earnings beat.

• Berkshire still owns just over 11 percent of Bank of America’s outstanding shares, a stake worth about $34.7 billion.

Warren Buffett’s Berkshire Hathaway (BRK.A, BRK.B) further reduced its stake in Bank of America (ferry), sold just over 18.7 million shares this week, according to a filing with the US Securities and Exchange Commission (SEC).

Berkshire has reduced its stake in Bank of America in recent months after the bank’s shares hit a two-year high following an earnings beat. The bank’s share price has pulled back from its July 16 closing price of $44.13, but is still 18% above where it started the year.

Berkshire sold BofA stock in 9 trading sessions

Berkshire has sold shares of Bank of America in each of the past nine trading sessions dating back to Aug. 26, dropping its stake to about 864 million shares at Thursday’s close, from just under 950 million shares earlier in the month.

The latest sales put Berkshire’s stake at just over 11 percent of Bank of America’s 7.77 billion shares outstanding, worth about $34.7 billion.

Bank of America and Berkshire Class B shares were little changed in early trading on Friday after the news.

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