Buffett’s Berkshire cuts BofA stake to below 10%, by Reuters

(Reuters) – Billionaire Warren Buffett’s Berkshire Hathaway (NYSE: ) offloaded more Bank of America shares this week, taking its stake in the U.S. banking giant below 10 percent.

Berkshire sold 9.5 million shares worth $382.4 million for the week, according to a regulatory filing on Thursday.

The US Securities and Exchange Commission requires shareholders who own more than 10% of a company to disclose stock purchases and sales within two business days.

Now, Bank of America investors likely have to wait for Berkshire’s quarterly financial reports or quarterly stock disclosures to find out if the Omaha, Nebraska-based company has sold more.

It began reducing the stake in mid-July, when it sold about 33.9 million shares for about $1.48 billion. So far, the investment giant has raised more than $10 billion.

However, BofA isn’t the only stock Buffett has dumped recently. Earlier this year, Berkshire halved its stake in tech giant Apple (NASDAQ:

At Berkshire Hathaway’s annual meeting in May, Buffett said the sale made sense because the federal capital gains tax rate could rise depending on who wins the US presidential election.

Buffett, one of the world’s most revered investors, first invested in Bank of America in 2011, when he bought $5 billion worth of preferred stock.

The bank will report results next week along with Citigroup, with investors closely watching the potential impact of higher deposit costs and tepid loan demand.