Warren Buffett Offloads $982 Million in Bank of America Stock as Berkshire Cuts Stake by 13%

Berkshire Hathaway continues to offload Bank of America stocks.

Yesterday, Warren Buffett sold $982 million worth of Bank of America shares, and Berkshire detailed its sales on August 23, 26, and 27 through regulatory filings.

Since mid-July, Berkshire Hathaway has cut its stake by nearly 13% through multiple sales, generating $5.4 billion in profit.

Buffett has remained silent about why he sold such a profitable investment. He began trading the stock in 2011 when the price was %5.

This sale reveals a contrast from last year when Buffet publicly praised Bank of America CEO Brian Moynihan. Still, Berkshire remains the largest shareholder in the bank, holding 933.8 million shares valued at $35.9 billion.

The price of Bank of America shares rose 31% earlier this year before dropping about 10% since the sales, now trading at $39.67.