Grapevine

By Cnbc
Jul 26, 2024

Berkshire Hathaway dumps $2.3 billion of Bank of America shares in a 6-day sale

Berkshire is required to disclose its stock moves within two business days after they are made, when the stake in any company exceeds 10%.

Buffett could be trimming the bet on valuation concerns after Charlotte, North Carolina-based Bank of America outperformed the broader market this year. The bank stock is up more than 25% in 2024, compared with almost 14% for the S&P 500.

It marked the first time since the fourth quarter of 2019 that Berkshire cut its BofA stake. In 2011, the Oracle of Omaha bought $5 billion worth of the bank's preferred stock and warrants to shore up confidence in the lender as it grappled with losses related to subprime mortgages in the aftermath of the financial crisis.