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Oct 18, 2024 08:03 AM IST
Warren Buffett sold more Bank of America stock, reducing Berkshire Hathaway’s stake to 9.97%. This sale generated $370 million.
Warren Buffett sold another slug of Bank of America Corp. stock after the lender repurchased enough of its own shares to nudge his stake back above 10% — a regulatory threshold that requires rapid disclosure.
Buffett’s Berkshire Hathaway Inc. reaped about $370 million selling stock this week, according to a filing Thursday detailing his 16th round of disposals since mid-July. That trimmed Berkshire’s stake in the second-biggest US bank to 9.97%.
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Buffett’s earlier rounds of selling had already cut the holding to less than 10% of the Bank of America shares known to be in circulation before the lender announced on Tuesday that it had repurchased $3.5 billion of stock during the third quarter. The bank’s updated figure meant Berkshire was back above that key regulatory threshold.
US rules require investors with more than 10% of a stock to disclose trades within a few days. The latest filing may let Buffett provide updates quarterly — potentially leaving fellow shareholders in the dark for months if he sells further.
Buffett, 94, hasn’t commented on why he’s pulling back from the investment, which had long lent his imprimatur to Bank of America Chief Executive Officer Brian Moynihan. Berkshire plowed $5 billion into the bank in 2011. In 2019, it applied for Federal Reserve approval to boost the holding beyond 10%.
Thursday’s regulatory filing shows Berkshire remains Bank of America’s largest shareholder with a stake worth about $32.6 billion based on the day’s closing price.
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