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Buffett's Berkshire offloads Bank of America shares again; total sales near $7 bln
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Buffett's Berkshire offloads Bank of America shares again; total sales near $7 bln
Sep 6, 2024 4:38 AM

Sept 6 (Reuters) - Warren Buffett's Berkshire Hathaway ( BRK/A )

has trimmed its stake in Bank of America ( BAC ) once

again, making the total sales since mid-July nearly $7 billion.

The conglomerate, run by one of the world's most revered

investors, disclosed late on Thursday it sold 18.7 million

shares of the second-largest U.S. bank between Sept. 3 and Sept.

5 to rake in roughly $760 million.

Berkshire continues to be BofA's biggest shareholder with a

stake of about 11.1%, according to LSEG data. Per regulatory

requirements, Berkshire Hathaway ( BRK/A ) has to keep reporting sales

regularly until its holding falls below 10%.

Buffett started investing in the bank in 2011, when

Berkshire bought $5 billion of preferred stock. That purchase

signaled his confidence in CEO Brian Moynihan's ability to

restore the lender to health following the 2008 financial

crisis.

Shares of Bank of America ( BAC ) were last down 1% in premarket

trading. The stock is up around 18% this year, compared with a

near 21% gain in the S&P 500 Banks Index, which tracks

large-cap banks.

(Reporting by Manya Saini in Bengaluru)

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