Warren Buffett sells more BofA shares, raising $982 million

(Bloomberg) — Warren Buffett sold an additional $982 million in Bank of America Corp. stock as his conglomerate continues to reduce its investment in the second-largest U.S. bank.

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Berkshire Hathaway Inc. has reduced the stake by a total of nearly 13% in a series of sales since mid-July, generating $5.4 billion in revenue. Berkshire disclosed the latest disposals in a regulatory filing late Tuesday, detailing sales on Aug. 23, 26 and 27.

Buffett was tight-lipped about his reasoning as he scaled back the hugely profitable bet — an investment that began when the stock was trading near $5 in 2011. The stock is up 31 percent this year before the selloff. They have since fallen 10% to $39.67.

The string of sales marks Buffett’s biggest retreat from an investment that has long served as a stamp of approval for the leadership of Bank of America Chief Executive Brian Moynihan, whom the 93-year-old investor has praised repeated in public.

Berkshire remains the bank’s largest shareholder — with 903.8 million shares worth $35.9 billion, based on Tuesday’s closing price.

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