(Reuters) – Warren Buffett’s Berkshire Hathaway Inc has further reduced its stake in Bank of America Corp by selling about $845 million in shares, a regulatory filing showed on Friday.
The group run by one of the world’s most respected investors has sold more than $6 billion worth of shares in the second-largest U.S. bank in seven rounds of share sales since July.
Berkshire Hathaway, Bank of America’s largest shareholder, said it sold about 21.1 million shares of the bank’s stock between Aug. 28 and Aug. 30.
Buffett began investing in the bank in 2011 when Berkshire Hathaway bought $5 billion of preferred stock. The purchase was a sign of his confidence in CEO Brian Moynihan’s ability to restore the bank to health after the 2008 financial crisis.
Buffett, 93, told CNBC in April 2023 that he loved Moynihan “very much” and did not want to sell the bank’s shares at that time.
Bank of America shares are up 21% so far this year, compared with a 22.6% gain in the banks index, which tracks the performance of large-cap banks.