Warren Buffett’s Berkshire Hathaway sells Bank of America for the ninth day in a row

Berkshire Hathaway’s sales streak is extensive bank of America The bet has been extended to nine consecutive days, indicating that Warren Buffett is not just unwinding his old position.

The Omaha-based conglomerate sold a total of 18.4 million shares of the bank for $767 million at an average price of $41.65 from Thursday through Monday, a new amount. regulatory filingRevealed late Monday. Over the past nine trading sessions, Berkshire has cut its holdings by 71.2 million shares, on revenue of just over $3 billion.

After the sell-off, Berkshire still owns 961.6 million shares of BofA with a market value of $39.5 billion. BofA remains Berkshire’s largest equity stake after Apple, but if the conglomerate continues to shed those shares, the bank could fall below third American Expresscurrently valued at $37.6 billion.

Berkshire is still BofA’s largest shareholder with a 12.3% stake. As the owner of more than 10%, Berkshire has two business days to report any transactions, so we won’t know until Thursday whether the selling streak continues on Tuesday.

Buffett bought $5 billion worth of BofA preferred stock and warrants in 2011 in the wake of the financial crisis, boosting confidence in the embattled lender that was struggling with losses from subprime mortgages. He converted those warrants in 2017, making Berkshire BofA’s largest shareholder, and promised it would be a “long long time”before he would sell.

Berkshire’s cost basis based on the BofA position was approximately $14.15 per share or $14.6 billion as disclosed at the end of 2021. At the end of March, the holding company was worth $39.2 billion. BofA closed at $41.09 on Monday.

The conglomerate could take some profits after BofA’s strong run, culminating in a big year this year. The bank stock is up 22% through 2024, outperforming the S&P 500’s 14.5% return.

Berkshire will report second-quarter results Saturday morning, which will also reveal more information about the conglomerate’s biggest holdings.