Warren Buffett speaks throughout the Berkshire Hathaway Annual Shareholders Assembly in Omaha, Nebraska on Might 4, 2024.
CNBC
(This text is from the Warren Buffett Watch publication. Enroll right here.)
Warren Buffett has added round $6 billion to Berkshire Hathaway’s sizable money pile this summer time with a string of Financial institution of America inventory gross sales since mid-July.
In response to a new submitting Friday, gross sales of 21.1 million shares on Wednesday, Thursday, and Friday generated $848.2 million, which is a mean worth of $40.24.
Berkshire has bought Financial institution of America shares for six straight periods. Because it started to cut back its holding on July 17, it has bought shares throughout 21 of the previous 33 periods.
In complete, Berkshire has reduce its BofA holding by 14.5% with the sale of 150.1 million shares for $6.2 billion. That is a mean 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, nonetheless, 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 mentioned as lately as final yr he did not need to promote, regardless of his issues concerning the banking sector total, there’s been no rationalization from Omaha to this point.
Buffett turned 94 on Friday. As of June 30, Berkshire’s money pile stood at a document $277 billion.
