Berkshire Hathaway (NYSE: BRK-A, NYSE: BRK-B) sold about 33.9 million shares of Bank of America (NYSE: BAC) for around $1.48 billion over multiple transactions this week, a regulatory filing showed.
After the sale, Berkshire owned about 999 million BofA shares.
Berkshire is one of the Charlotte, North Carolina-based lender’s largest shareholder. It also invests in several other banks, including Wells Fargo & Co (NYSE: WFC) and JPMorgan Chase (NYSE: JPM).
The conglomerate, owned by Warren Buffett, began investing in Bank of America (NYSE: BAC) in 2011, purchasing $5 billion of preferred stock plus warrants to buy 700 million common shares, at a time when many investors worried about the bank’s capital needs.
(Source: Reuters)
Kevin Putnam is a financial journalist and editor based in New York. He specializes in editing news and analysis related to U.S. stock market.
