Buffet still selling BAC Late Tuesday, Berkshire Hathaway said it further trimmed its stake in the country’s second-largest bank by 21.6 million shares, making approximately $862.7 million in profits from the sales.
Berkshire has sold BofA stock in 10 of the past 11 weeks starting in mid-July, unloading a total of 218.5 million shares and earning $8.9 billion on those sales.
Berkshire still holds a 10.5% stake in the country's largest bank and the price of Bank of America’s stock has fallen roughly just as much since Buffett began selling his firm's longest-held bank stock position.
BofA is still up 16% so far this year, trailing rivals Goldman Sachs (GS), JPMorgan Chase (JPM), and Citigroup (C). Its stock was down slightly Wednesday morning.