Warren Buffett extended his sales of Bank of America Corp. shares into September, reaping a total of $6.97 billion since the spree of disposals started in mid-July.
In the latest round of transactions, disclosed in a regulatory filing Thursday, his Berkshire Hathaway Inc. liquidated $760 million of the stock since Tuesday. Still, Berkshire remains Bank of America’s top shareholder, with a roughly 11% stake valued at $34.7 billion, based on the latest closing price.
If Berkshire keeps selling, its stake in the second-largest US bank could soon slide below the 10% regulatory threshold that requires his conglomerate to disclose transactions within a few days. Once he controls less than that, Buffett may wait weeks to reveal transactions — typically offering snapshots after every quarter.
The 94-year-old began building Berkshire’s investment in Bank of America with a $5 billion deal in 2011 for preferred stock and warrants. After years spent adding to the stake and praising the bank’s leadership, Buffett has offered no public explanation for his decision pull back.
The SEC says the payouts came from later investors, and the numbers never added up
The SEC says he doubted the tax liens were real - and kept selling them to clients
Erin Piacenti, a vice president at Bank of America, was killed in a random attack in Times Square on Monday.
Minneapolis-based mega-RIA adds a $376 million hybrid RIA from Raymond James as its own $7 billion sale process reportedly plays out in the background.
Atlanta-based RIA taps former LPL executive John Rajes to unify systems as the firm looks to build on its 61-acquisition growth record.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
