Legendary investor Warren Buffett has reduced his sizable holding in Bank of America (BAC) stock.
Buffett’s holding company, Berkshire Hathaway (BRK.A/BRK.B), has sold $1.5 billion U.S. of Bank of America stock over the past week.
The reason for the sale isn’t known as Buffett doesn’t comment on adjustments made to Berkshire Hathaway’s massive $406.49 billion U.S. stock portfolio.
However, Buffett still has a huge position in Bank of America. After the sale, Berkshire Hathaway still owns 999 million shares of the bank valued at $42.90 billion U.S.
Bank of America remains Berkshire Hathaway’s second largest position after Apple (AAPL), accounting for 10.5% of Buffett’s entire portfolio.
Berkshire Hathaway also remains Bank of America’s largest shareholder.
Some analysts are speculating that Buffett may have trimmed his position in Bank of America to take profits after the lender’s share price rose 7% in the past month and is now up 27% on the year.
Bank of America stock also hit a 52-week high after recently reporting its second-quarter financial results.
Buffett has grown his stake in Bank of America stock in recent years, even as he dumped his entire stake in other U.S. lenders such as Wells Fargo (WFC) and JPMorgan Chase (JPM).
Berkshire Hathaway is due to report its second-quarter results on August 3 and will likely disclose an update on all portfolio adjustments at that time.
