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Warren Buffett, the Oracle of Omaha, has been making headlines recently for selling off a significant chunk of Bank of America shares. Berkshire Hathaway, Buffett’s conglomerate, recently offloaded 19.2 million BofA shares, totaling almost $779 million. This move comes after 12 consecutive days of selling, with total sales now exceeding $3.8 billion.
At 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. Before the selling spree, BofA had long been Berkshire’s second biggest holding. Despite the recent sales, Berkshire remains the bank’s largest shareholder with a 12.1% stake.
Bank of America’s stock has seen some volatility this week, dropping 5.2% as recession fears plague the financial sector. However, year to date, BofA is up more than 17%, outperforming the S&P 500.
Buffett’s history with Bank of America dates back to 2011 when he bought $5 billion worth of BofA’s preferred stock and warrants, providing much-needed support during the financial crisis. He converted those warrants in 2017, solidifying Berkshire’s position as the largest shareholder in BofA. Buffett has praised the business, valuation, and management of the Charlotte-based bank in the past.
Despite the recent stock sales, Bank of America has reported strong second-quarter results, including rising investment banking and asset management fees. Under the leadership of Brian Moynihan, the bank remains optimistic about its future prospects.
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