Buffett’s Berkshire sells $338 million in Bank of America shares as sales fall By Investing.com

Investing.com — Warren Buffett’s Berkshire Hathaway (NYSE:) Inc. (NYSE: ) has been gradually reducing its stake in Bank of America Corp (NYSE: ) since mid-July, with the latest sales reflecting a slower pace.

This week, Berkshire sold $338 million worth of stock, according to an SEC filing on Wednesday, marking its 13th round of divestitures. The average price reached on Tuesday and Wednesday was $39.40 per share, one of the lowest since the sale began, Bloomberg News reported Thursday.

That marks a notable uptick from previous rounds, in which Berkshire has sold about $750 million worth of stock per round in recent months.

Berkshire’s recent watch follows sales since late September. Between September 25 and 27, the company sold more than $460 million worth of Bank of America stock.

This included the sale of 2.3 million shares at an average price of $39.27 on September 25, 5.5 million shares at $39.46 on September 26 and 3.9 million shares at $39.52 on September 27.

Even before that, from September 20 to 24, Berkshire sold $862 million worth of shares, selling 10.2 million shares on September 20 at $40.36 per share, 4.9 million of shares on September 23 at $39.94 and 6.4 million shares on September 24 at $39.49. . During these sales, prices fluctuated between $39.49 and $40.36.

Despite this ongoing sale, Berkshire remains Bank of America’s largest shareholder, retaining a substantial 10.2% stake worth more than $31 billion.

Buffett, now 94, has not publicly disclosed his reasons for selling, the report added.