Warren Buffett speaks through the Berkshire Hathaway Annual Shareholders Assembly in Omaha, Nebraska on Might 4, 2024.
CNBC
(This text is from the Warren Buffett Watch publication. Join right here.)
Warren Buffett has added round $6 billion to Berkshire Hathaway’s sizable money pile this summer season with a string of Financial institution of America inventory gross sales since mid-July.
In keeping with a new submitting Friday, gross sales of 21.1 million shares on Wednesday, Thursday, and Friday generated $848.2 million, which is a median worth of $40.24.
Berkshire has offered Financial institution of America shares for six straight classes. Because it started to cut back its holding on July 17, it has offered shares throughout 21 of the previous 33 classes.
In complete, Berkshire has lower its BofA holding by 14.5% with the sale of 150.1 million shares for $6.2 billion. That is a median of $41.33 per share.
BofA is Berkshire’s third largest fairness holding, accounting for round 11% of its portfolio.
Berkshire stays Financial institution of America’s largest shareholder with a 11.4% stake of 882.7 million shares valued at practically $36 billion.
Because the gross sales proceed, nevertheless, it’s approaching the Vanguard Group’s 639 million shares.
Whereas there are a number of theories on why Berkshire is promoting a inventory that Buffett stated as just lately as final yr he did not need to promote, regardless of his considerations concerning the banking sector total, there’s been no rationalization from Omaha to date.
Buffett turned 94 on Friday. As of June 30, Berkshire’s money pile stood at a report $277 billion.
