Warren Buffett’s Berkshire Hathaway Continues Offloading Bank Of America Shares: Here’s How Retail Reacted

Warren Buffett’s Berkshire Hathaway (BRK.A) (BRK.B) has sold over 24.66 million shares of Bank of America (BAC), raising over $981 million between Aug. 23 and Aug. 27, according to a recent SEC filing. This sale is part of a broader offloading that began in mid-July, with Berkshire raising approximately $5.4 billion so far. Despite these sales, Berkshire remains the largest shareholder of Bank of America, holding over 903 million shares valued at nearly $36 billion.

Retail investor sentiment has remained 'bullish' on Bank of America, even as Berkshire continues to reduce its stake. The bank posted solid Q2 results with revenue of $25.4 billion, exceeding estimates, and an EPS of $0.83. However, the bank's net interest income dropped by 3%, and provision for credit losses increased.

Bank of America has also seen its stock gain over 17% this year, though it has corrected about 20% after hitting a high in mid-July. Investors are now closely watching for a potential breakout above the $44.30 resistance level.