In a recent move, Berkshire Hathaway reduced its holdings in Bank of America (NYSE: ) by selling about 33.9 million shares worth about $1.48 billion. The transactions took place over the course of this week, according to a regulatory filing.
After the series of sales, Berkshire Hathaway’s stake in the financial firm now stands at about 999 million shares. The document does not disclose the specific reasons for the sales or the exact dates on which the transactions occurred.
The sale comes as Bank of America, like many other financial powerhouses, continues to navigate the economic landscape. Headquartered in New York City, Bank of America is among the top banking institutions in the United States and has been a key part of Berkshire Hathaway’s investment portfolio.
Berkshire Hathaway, led by famed investor Warren Buffett, is known for its diversified investments in various sectors, including finance, insurance, energy, and consumer goods. The group’s decision to sell a portion of its Bank of America shares represents a significant change in its investment strategy, although the company still owns a significant number of shares in the bank.
Reuters contributed to this article.
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