(Reuters) – Billionaire Warren Buffett’s Berkshire Hathaway (NYSE:) has again cut its stake in Bank of America with a share sale worth about $845 million, a regulatory filing showed on Friday.
The conglomerate, led by one of the world’s most respected investors, has sold shares worth a combined $6 billion in the second-largest U.S. bank in seven rounds of stock sales since July.
Berkshire, BofA’s largest shareholder, announced that it had sold approximately 21.1 million shares of the bank between August 28 and 30.
Buffett began investing in the bank in 2011 when Berkshire bought $5 billion worth of preferred stock. That purchase signaled his confidence in CEO Brian Moynihan’s ability to turn the lender back to health after the 2008 financial crisis.
The 93-year-old Buffett had told CNBC in April 2023 that he liked Moynihan “very much” and did not want to sell the bank’s shares at the time.
BofA shares are up 21% so far this year, compared with a 22.6% gain in the Banks Index, which tracks the performance of major banks.
