Warren Buffett's Berkshire Hathaway continues to unload shares of Bank of America, with the latest sale amounting to 19.2 million shares for nearly $779 million. Shares were sold at an average price of $40.52 each, according to a recent regulatory filing. This marks 12 consecutive days of selling for the bank's stock, with total sales now exceeding $3.8 billion.
Berkshire Hathaway's remaining 942.4 million shares in Bank of America are valued at $37.2 billion, based on Thursday's closing price of $39.50. That change has seen Bank of America drop to third place on the list of Berkshire's top holdings, now behind Apple and American Express, which is valued at $37.7 billion.
Prior to this divestment, Bank of America had been Berkshire's second-largest holding for a significant period. The bank's shares have fallen 5.2% this week, hitting a low of $38.98 in Thursday trading amid growing concerns of a possible recession hitting the financial sector. Despite this, Bank of America shares are up more than 17% year to date, outperforming the S&P 500.
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