Berkshire Hathaway Sells Another $900 Million in Bank of America Stock, Reducing Stake to 10.8%
Warren Buffett's Berkshire Hathaway Inc. Continues to Trim Bank of America Holdings
Berkshire Hathaway Inc. has sold another $900 million worth of Bank of America Corp. shares, reducing its stake in the bank to 10.8%. The sale, disclosed in a regulatory filing on Wednesday, comes after Berkshire had already sold $1.8 billion worth of Bank of America shares in the first quarter of this year.
Berkshire's Bank of America Stake Now Worth $23.3 Billion
Berkshire's remaining stake in Bank of America is now worth about $23.3 billion, down from $25.2 billion at the end of March. The sale represents about 4% of Berkshire's original stake in the bank. Reuters
Buffett's Confidence in Bank of America Remains
Despite the sale, Berkshire Hathaway CEO Warren Buffett has expressed confidence in Bank of America and its management team. In a letter to Berkshire shareholders in February, Buffett praised Bank of America CEO Brian Moynihan, saying he was "delighted" with the bank's progress under his leadership.
Bank of America's Strong Performance
Bank of America has performed well in recent years, posting strong profits and increasing its market share. The bank has also been investing heavily in technology and digital banking. Bank of America
Analysts' Views on the Sale
Analysts said the sale was not a sign that Buffett was losing confidence in Bank of America. Rather, they said it was likely a move to raise cash for other investments or to reduce Berkshire's overall exposure to the banking sector.
Conclusion
Berkshire Hathaway's sale of Bank of America stock is a reminder that even the most successful investors make adjustments to their portfolios over time. However, the sale does not appear to signal any major change in Buffett's view of Bank of America or the banking sector as a whole.
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