Warren Buffett speaks during the Berkshire Hathaway annual shareholders meeting in Omaha, Nebraska on May 4, 2024.
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(This article is from Warren Buffett Watch. Subscribe here.)
Warren Buffett added about $6 billion to Berkshire Hathaway's massive cash pile this summer through a series of Bank of America Stock sales since mid-July.
According to a new filing on Friday, sales of 21.1 million shares on Wednesday, Thursday and Friday generated $848.2 million, an average price of $40.24.
Berkshire Bank of America has sold shares in six straight sessions. Since it began reducing its holdings on July 17, it has sold shares in 21 of the past 33 sessions.
In total, Berkshire Hathaway reduced its stake in Bank of America by 14.5% by selling 150.1 million shares for $6.2 billion, at an average price of $41.33 per share.
Bank of America is Berkshire Hathaway's third-largest publicly traded company, accounting for about 11% of its investment portfolio.
Berkshire Hathaway remains Bank of America's largest shareholder with an 11.4% stake of 882.7 million shares worth nearly $36 billion.
As sales continue, they are approaching Vanguard Group's outstanding share count of 639 million shares.
While there are many theories about why Berkshire is selling stocks that Buffett said last year he didn't want to sell, despite his concerns about the banking sector in general, there has been no explanation from Omaha so far.
Buffett turned 94 on Friday. As of June 30, Berkshire Hathaway had a record $277 billion in cash on hand.
