Buffett reduces his shares of Bank of America again as interest in the banking industry wanes.
Buffett sells $0.338 billion worth of Bank of America stocks
(New York, March 3) Stock market guru Warren Buffett's Berkshire Hathaway company reduces its holdings in Bank of America $Bank of America (BAC.US)$The speed of the stock has slowed down for the third consecutive wave, and the selling price has also dropped to the lowest level since the large-scale shareholding reduction starting in mid-July.
Currently, Berkshire's stake in Bank of America has dropped to 10.2%.
According to the data reported on Wednesday, Berkshire Hathaway sold $0.338 billion worth of Bank of America stocks this week, with an average shareholding reduction price of $39.4 per share on Tuesday and Wednesday. This is Berkshire Hathaway's 13th round of shareholding reduction, with each round (usually lasting for three days) averaging about $0.75 billion.
Warren Buffett, who is 94 years old this year, did not explain why he reduced his stake in Bank of America. Berkshire Hathaway remains the largest shareholder of Bank of America, still holding a 10.2% stake valued at over $31 billion.
However, once Berkshire's stake in Bank of America falls below the 10% threshold, no further reports need to be submitted to the Securities and Exchange Commission (SEC) for any shareholding changes.
Since Berkshire Hathaway started selling Bank of America stocks in July, Bank of America's stock price has dropped by about 10% and has since been lagging behind some peers.
News Source: World News Network; Data Compilation: Nanyang Business Times
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