Berkshire is still BofA’s largest shareholder with a 12.3% stake. As an owner of more than 10%, Berkshire has two business days to report any transactions, so we won’t know until Thursday if the selling streak continues Tuesday.<\/p>\n

Buffett famously bought<\/a> $5 billion worth of BofA’s preferred stock and warrants in 2011 in the aftermath of the financial crisis, shoring up confidence in the embattled lender struggling with losses tied to subprime mortgages. He converted those warrants in 2017, making Berkshire the largest shareholder in BofA, vowing that it would be a\u00a0“long, long time”<\/a>\u00a0before he would sell.<\/p>\n

Berkshire’s cost basis on the BofA position was about $14.15 per share or $14.6 billion as disclosed at the end of 2021. At the end of March, the holding was worth $39.2 billion. BofA closed Monday at $41.09.<\/p>\n

The conglomerate could be taking some profits after BofA’s strong run, culminating in a big year this year. The bank stock has rallied 22% in 2024, outperforming the S&P 500\u2032s 14.5% return.<\/p>\n

Berkshire is set to release second-quarter earnings Saturday morning, which will also reveal further info on the conglomerate’s biggest holdings.<\/p>\n<\/div>\n<\/div>\n<\/div>\n

Source: www.cnbc.com<\/p>\n","protected":false},"excerpt":{"rendered":"

Warren Buffett walks the floor ahead of the Berkshire Hathaway Annual Shareholders Meeting in Omaha, Nebraska on May 3, 2024.\u00a0 David A. Grogen | CNBC Berkshire Hathaway’s selling streak in its big Bank of America stake has extended to nine straight days, suggesting that Warren Buffett is not just trimming the longtime holding. The Omaha-based…<\/p>\n","protected":false},"author":1,"featured_media":84969,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"WB4WB4WP_MODE":"","WB4WP_PAGE_SCRIPTS":"","WB4WP_PAGE_STYLES":"","WB4WP_PAGE_FONTS":"","WB4WP_PAGE_HEADER":"","WB4WP_PAGE_FOOTER":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[78],"tags":[],"class_list":["post-84968","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\n