Famed investor Warren Buffett continues to reduce his stake in Bank of America (BAC) stock.
Through his holding company Berkshire Hathaway (BRK.A / BRK.B), Buffett has sold an additional 14 million Bank of America shares worth $550 million U.S.
The latest sale, which occurred between Aug. 16 and 19, reduces Buffett’s stake in the second largest U.S. bank to 12%.
Berkshire Hathaway now owns 928 million shares of Bank of America worth $37 billion U.S., according to filings made public by the U.S. Securities and Exchange Commission (SEC).
Since Aug. 1 of this year, Buffett has sold a total of 100 million shares of Bank of America stock as he offloads equities and raises cash.
Bank of America is now the third largest holding in Berkshire Hathaway’s massive $315 billion U.S. portfolio, behind Apple (AAPL) and American Express (AXP).
Bank of America isn’t the only stock that Buffett has sold recently. He reduced his stake in Apple by 50% during this year’s second quarter and has completely sold other positions such as Paramount Global (PARA).
Since the Covid-19 pandemic struck in 2020, Buffett has eliminated stakes he held in several other banks, including Wells Fargo (WFC), U.S. Bancorp (USB), and Goldman Sachs (GS).
Buffett doesn’t comment on his stock buying or selling. However, there is speculation that the legendary investor has turned bearish on equities and thinks the market is overvalued right now.
Berkshire Hathaway’s more affordable Class B stock has risen 28% over the last 12 months and currently trades at $448.77 U.S. per share.
