Legendary investor Warren Buffett's Berkshire Hathaway sold Bank of America shares for the sixth consecutive session.
The aforementioned investment company sold another 18.9 million shares on Monday, Tuesday and Wednesday. shares of the mentioned bank at an average price of 42.46 dollars, that is, for a total amount of 802.5 million dollars.
Berkshire Hathaway shed $52.8 million in the last six trading sessions. Bank of America shares for 2.3 billion dollars, reducing the stake to 12.5 percent.
Warren Buffett's investment company still manages $980.1 million. Bank of America's equity securities have a market value of $41.3 billion. dollars, which is the second position in the portfolio after Apple shares, which are worth 172.5 billion. dollars.
The legendary investor's firm may have begun reducing its holdings amid valuation concerns after shares of Charlotte-based Bank of America outperformed the broader market this year. The bank's shares are up more than 25 percent in 2024, compared to a nearly fourteen percent gain in the S&P500 index.
