Warren Buffett sells Bank of America stock again as share price crests

By Steve Gelsi

Buffett's Berkshire Hathaway unloads about $767 million of Bank of America stock

Billionaire Warren Buffett reduced his ownership position in Bank of America Corp. for the second time this month as the stock continues to shine in 2024.

With Bank of America (BAC) up about 22% so far in 2024, it has outperformed the 15.6% rise by the S&P 500 SPX as investors gravitated towards too-big-to-fail banks and bank stocks returned to favor ahead of expectations for potential interest rate cuts by the Federal Reserve this year.

Against this backdrop, Buffett's company Berkshire Hathaway (BRK.A) (BRK.B) on July 29 sold $767 million worth of stock in three transactions on July 25, July 26 and July 29, according to a filing.

Berkshire Hathaway sold 5.62 million shares at $42.01 a share, 7.53 million shares at $41.70 a share and 5,26 million shares at $41.20 a share, the filing said.

Buffett reduced his stake in Bank of America to 961.65 million shares from about 980.06 million shares as the financial firm's largest shareholders.

Bank of America's stock fell 0.6% on Wednesday.

Earlier this month, Buffett sold about 38.89 million shares of Bank of America at prices ranging from $43.13 a share to $44.07 a share for proceeds of about $1.48 billion.

-Steve Gelsi

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07-31-24 1133ET

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