Warren Buffett's Berkshire Hathaway has continued to reduce its stake in Bank of America Corp (NYSE:BAC) by selling 21.6 million shares for approximately $862 million, lowering its ownership to 10.5%.
The stock was sold over the last three trading days at an average price of around $40 each, as reported in a recent SEC filing.
The Omaha-based investment giant now holds 814.3 million shares valued at $32 billion. Since mid-July, when the company began aggressively trimming its position, Bank of America's stock price has declined about 10%.
Over the past six trading sessions, Berkshire has sold more than 220 million shares, decreasing its holdings by over 20% in two months.
Because it owns more than 10% of the bank's stock, Berkshire must file disclosures within two business days; reducing its stake below approximately 776 million shares would eliminate this requirement.