Buffett famously bought $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

The legendary investor said then that he liked the business, valuation and management of the Charlotte-based bank “very much.”<\/p>\n

BofA, under the leadership of Brian Moynihan since 2010, recently reported blowout results<\/a>\u00a0for the second quarter that showed rising investment banking and asset management fees as well as a positive outlook on net interest income.<\/p>\n<\/div>\n<\/div>\n<\/div>\n

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

Warren Buffett speaks during the Berkshire Hathaway Annual Shareholders Meeting in Omaha, Nebraska, May 4, 2024. CNBC Warren Buffett is not done selling Bank of America. Berkshire Hathaway shed a total of 19.2 million BofA shares on Tuesday, Wednesday, and Thursday for almost $779 million at an average selling price of $40.52 per share, according…<\/p>\n","protected":false},"author":1,"featured_media":85400,"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-85399","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\n