Buffett's Berkshire sells $3.8 billion worth of Bank of America in 12-day selling spree

[mahatmakanejeeves]

MARKETS
Buffett’s Berkshire sells $3.8 billion worth of Bank of America in 12-day selling spree

PUBLISHED FRI, AUG 2 2024 • 8:01 AM EDT

Warren Buffett is not done selling Bank of America. ... Berkshire Hathaway shed a total of 19.2 million BofA shares on Tuesday, Wednesday, and Thursday for almost $779 million at an average selling price of $40.52 per share, according to a new regulatory filing.

The conglomerate has now been offloading the bank stock for 12 consecutive days with total sales now exceeding $3.8 billion. Its remaining 942.4 million shares have a market value of $37.2 billion at Thursday’s close of $39.50.

As of Thursday’s close, Bank of America fell to the No.3 spot on Berkshire’s list of top holdings, trailing behind Apple
and American Express, which is currently valued at $37.7 billion. Before the selling spree, BofA had long been Berkshire’s second biggest holding.

Berkshire remains the bank’s largest shareholder with a 12.1% stake.

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[brush]

1. Any explanation of why they're unloading BofA stock?

[mahatmakanejeeves]

2. It had greatly appreciated recently. It hit 44 a few days back. Good time to take some money off the table.

And good morning.

[brush]

3. Ok, profit taking is what good investors do.

[Bristlecone]

4. Taking some profits. Will reinvest that in something else and keep making more money

[lastlib]

5. Possibly good timing on his part...

Financials have recently hit a peak, and have been among the big losers the last couple days, with prospects of more of same, given recent trends.

My puny financial holding hit an all-time high two days ago, and slid substantially since.