Warren Buffett's Berkshire Hathaway keeps selling more Bank of America stock

Published On Sep 25, 2024, 9:42 AM

Warren Buffett's Berkshire Hathaway has continued to divest its shares in Bank of America, having sold 21.6 million shares recently, raising its total profits from these sales to approximately $9 billion over several months. Despite selling, Berkshire still holds a 10.5% stake in Bank of America, making it the largest stockholder. The shares of Bank of America have been affected by these sales but remain up by 16% this year. Analysts expect stable financial performance from the bank, attributing potential profit increases to dropping deposit costs and recovering from prior losses due to interest rate changes and a sizable securities portfolio.