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)