(Reuters) – Berkshire Hathaway, the investment firm led by billionaire Warren Buffett, has once again reduced its stake in Bank of America through a share sale totaling approximately $845 million, according to a regulatory filing released on Friday.
This marks the seventh round of share sales since July, with Berkshire selling off more than $6 billion worth of shares in the second largest U.S. bank.
As the top shareholder of Bank of America, Berkshire disclosed that it sold about 21.1 million shares of the bank between August 28 and August 30.
Buffett initially invested in Bank of America in 2011 when Berkshire purchased $5 billion of preferred stock, signaling confidence in CEO Brian Moynihan’s ability to revive the bank following the 2008 financial crisis.
At the age of 93, Buffett expressed his admiration for Moynihan in April 2023, stating that he had no intention of selling the bank’s stock at that time.
Bank of America shares have seen a 21% increase so far this year, outperforming the 22.6% gain in the Banks Index, which monitors the performance of large-cap banks.