Berkshire Hathaway Cuts Bank of America Stake

Warren Buffett's Berkshire Hathaway has continued to divest its stake in Bank of America, selling an additional 21.1 million shares worth approximately $848.2 million from August 28 to August 30. This marks the seventh sale since mid-July, contributing to a total of over $6 billion in sales over the past 33 trading sessions. Despite these sales, Bank of America remains Berkshire's third-largest equity holding, accounting for about 11% of its portfolio. Analysts suggest that concerns over the banking sector's profitability, particularly in light of potential Federal Reserve interest rate cuts, may have influenced Buffett's decision to sell. Bank of America shares have shown resilience, gaining 16.63% over the last six months, with a current average price target suggesting an 11.88% upside from current levels. Berkshire Hathaway's total stake now stands at 882.7 million shares, worth nearly $36 billion.