Warren Buffett speaks at Berkshire Hathaway’s annual shareholder meeting on May 4, 2024 in Omaha, Nebraska.
CNBC
Warren Buffett isn’t done selling yet Bank of America.
According to the latest report, Berkshire Hathaway sold a total of 19.2 million Bank of America shares on Tuesday, Wednesday and Thursday for a total price of nearly $779 million, with an average price of $40.52 per share. Supervision filing.
The group has now sold bank stocks for 12 days in a row, with total sales now exceeding $3.8 billion. As of Thursday’s closing price of $39.50, its remaining 942.4 million shares had a market capitalization of $37.2 billion.
As of Thursday’s close, Bank of America fell to third place in Berkshire’s holding rankings, lagging behind other companies. apple and American Express, currently valued at $37.7 billion. Before the frenzied sell-off, Bank of America had long been Berkshire’s second-largest holding.
Berkshire is still a bank largest shareholder Holding 12.1% of shares.
The bank’s shares are down 5.2% so far this week, falling to $38.98 in Thursday trading as recession fears grip the financial sector. Bank of America shares are up more than 17% so far this year, outperforming the S&P 500.
Bank of America
Buffett famously bought $5 billion worth of Bank of America preferred shares and warrants after the 2011 financial crisis, bolstering confidence in the troubled bank, which was struggling with subprime mortgages related losses. He converted those warrants in 2017, making Berkshire the largest shareholder in Bank of America and vowed it would be “a long time” before he sold.
The legendary investor said at the time that he “really liked” the Charlotte-based bank’s business, valuation and management.
Since 2010, Bank of America, under the leadership of Brian Moynihan, Recently reported blowout results Investment banking and asset management fees continued to rise in the second quarter, and the outlook for net interest income was positive.
