Warren Buffett’s Berkshire Hathaway has profited approximately $9 billion since July.
On Wednesday, Berkshire Hathaway announced that it offloaded additional shares of Bank of America.
According to LSEG data, Berkshire remains Bank of America’s largest shareholder, currently holding a 10.5% stake valued at $32.13 billion. If its ownership falls below 10%, it will no longer be required to report share sales.
Berkshire sold about 21 million shares for approximately $863 million between September 20 and September 24. Earlier this month, they also had a few sales of around 45.6 million shares.
During a financial conference, Bank of America CEO Brian Moynihan told investors that Warren Buffett is a “great investor” who “stabilized” the company. However, he mentioned that he “doesn’t know exactly what he is doing because we can’t ask.”
In an interview with CNBC last April, Buffett said, “I like Brian Moynihan enormously.” He added despite withdrawing investments from other banks, he did not want to sell Bank of America shares.
Buffett began investing in this bank in 2011 when Berkshire purchased $5 billion in preferred shares. This is reflected in Moynihan’s ability to restore the bank’s security following the 2008 financial crisis.
Later, in 2017, he converted the preferred shares into common stock. Bank of America’s stock price saw a slight decline during pre-market. The stock rose about 17%, while the S&P 500 Bank Index has increased by nearly 19% this year.
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