Warren Buffett sold an additional $982 million of Bank of America Corp. stock as his conglomerate continues to shrink its investment in the second-largest US bank.
His Berkshire Hathaway Inc. has trimmed the stake by a total of almost 13% in a series of sales since mid-July, generating $5.4 billion in proceeds. Berkshire disclosed the latest disposals in a regulatory filing late Tuesday, detailing sales on Aug 23, 26 and 27.
Buffett has held silent about his reasoning while whittling the highly profitable bet — an investment that began when the stock was trading near $5 in 2011. The shares were up 31% this year before the selling spree. They have since slid 10% to $39.67.
The string of sales signals Buffett’s biggest pullback from an investment that long served as a stamp of approval on the leadership of Bank of America Chief Executive Officer Brian Moynihan, whom the 93-year-old investor has repeatedly praised in public.
Berkshire still remains the bank’s biggest stockholder — with 903.8 million shares worth $35.9 billion, based on Tuesday’s closing price.
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
