Warren Buffett Sells Another $845M In Bank Of America Stock

Influential investor Warren Buffett's holding company dumped another $845 million in Bank of America stock — marking the seventh time it has cut its stake in the financial institution since July.

Buffett's Omaha, Nebraska-based Berkshire Hathaway Inc. — Bank of America's largest shareholder — disclosed the latest sale in a regulatory filing Friday, Reuters reported.

The 21.1 million shares were unloaded from Wednesday through Friday, Reuters said.

Buffett, who turned 94 on Friday, invested in Bank of America in 2011 when Berkshire Hathaway bought $5 million worth of preferred stock and warrants to shore up the lender following the global financial crisis of 2007-09.

The bank's share price more than doubled over the next two years, giving Buffett $5.27 billion in paper profits, plus $300 million in dividends annually, CNBC reported at the time.

Last year, Buffett told CNBC that he liked Bank of America CEO Brian Moynihan "enormously" and that buying its stock was a "very decent deal for us."

"And I just don't wanna, I don't wanna sell it," Buffett said.

But Berkshire began aggressively selling its BofA stock on July 17, marking the first time it trimmed its stake in the company since 2019.

Berkshire has sold Bank of America shares during 21 of the past 33 trading sessions, generating about $6.2 billion in cash, CNBC said Saturday.

Berkshire remains the bank's biggest investor, with 882.7 million shares that comprise an 11.4% stake worth nearly $36 billion, but it's approaching the Vanguard Group's 639 million shares, according to CNBC.

On Wednesday, Berkshire became the first non-tech U.S. company valued at more than $1 trillion.

Buffett, nicknamed the "Oracle of Omaha" for his investing prowess, has a personal fortune estimated at $149.8 billion that makes him the world's sixth richest person, according to Forbes.

Bank of America Corp.'s stock price closed at $40.75 on Friday, up 1.44%, before dipping to $40.68 during after-hours trading.