Berkshire unloads another chunk of Bank of America as CEO Moynihan lauds Buffett as great shareholder

Published On Sep 11, 2024, 8:26 AM

Berkshire Hathaway has sold more than $7 billion worth of Bank of America shares since mid-July, reducing its stake in the bank to about 11%. The recent sales total up to 5.8 million shares, for which Berkshire received around $228.7 million. Bank of America shares have seen a slight decline of 1% since July, despite a 16.7% increase this year. CEO Brian Moynihan praised Buffett's investment in the bank, which helped stabilize it during financial difficulties years ago, and expressed continued confidence in the bank's future despite the sales.

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Negative

Berkshire Hathaway's continued selling of Bank of America shares could indicate a strategic shift or a belief that the stock may not appreciate significantly in the near-term. Given the slow growth in BofA's share price and Buffett's decreasing stake, the outlook might trend negatively in the short term if this selling persists and market sentiment wavers.

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