Investing.com – Warren Buffett Berkshire Hathaway (NYSE:) Inc. (NYSE:) has been gradually reducing its stake in Bank of America Corp (NYSE:) since mid-July, with the latest sales reflecting a slowing pace.
Berkshire this week sold $338 million worth of stock, according to a Securities and Exchange Commission filing on Wednesday, marking its 13th round of dispositions. The average price fetched on Tuesday and Wednesday was $39.40 per share, one of the lowest prices since the sale began, Bloomberg News reported on Thursday.
This is notable from previous rounds, with Berkshire selling about $750 million worth of stock per round over the past few months.
Berkshire’s latest divestment comes after sales in late September. From September 25 to 27, the company sold more than $460 million in Bank of America stock.
This included the sale of 2.3 million shares at an average price of $39.27 on September 25, 5.5 million shares at $39.46 on September 26, and 3.9 million shares at $39.52 on September 27.
Just before that, from September 20 to September 24, Berkshire offloaded another $862 million worth of shares, selling 10.2 million shares on September 20 at $40.36 per share, 4.9 million shares on September 23 at $39.94, and 6. 4 million shares on September 24 at $39.49. . Across these sales, prices have fluctuated between $39.49 and $40.36.
Despite this ongoing sell-off, Berkshire remains Bank of America’s largest shareholder, retaining a significant 10.2% stake worth more than $31 billion.
The report added that Buffett, now 94, has not publicly disclosed the reasons for the sale.