Berkshire Hathaway sells $767 million worth of shares and cuts its stake in Bank of America
On Monday, the organization disclosed its third share transaction of Bank of America shares this month.
Warren Buffett’s Berkshire Hathaway, Inc. is decreasing its ownership of Bank of America Corp., one of its most significant investments
The average price of recent transactions indicates that Berkshire Hathaway sold 18.42 million shares of Bank of America, which is equivalent to approximately $767 million. The company retains 961.65 million shares, which represents a 12.49% ownership in the bank, despite this reduction.
Berkshire’s sales of Bank of America shares this month total 71.21 million shares, which are valued at $3.24 billion.
Berkshire Hathaway’s 13-F filing as of mid-May indicated a substantial holding in Bank of America, with a total of 1.03 million shares valued at $39.17 billion at the conclusion of the first quarter. Apple Inc., American Express Co., Coca-Cola Co., Chevron Corp., and Bank of America continue to dominate the firm’s portfolio.
This selling activity is taking place in the context of a positive prognosis for financial equities, as there is speculation that the Federal Reserve may reduce interest rates. This could potentially increase Bank of America’s profitability by improving net interest margins and increasing trading revenues.
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