Warren Buffett has continued to sell-down of Berkshire Hathaway Inc's (NYSE:BRK.A) stake in Bank of America Corp (NYSE:BAC) - though the disposal has turned from a flood to a trickle.
That's because the number of shares offloaded slowed for the third consecutive round, bringing in some of the lowest prices since he started reducing his position in mid-July. The average price of equity sold on Tuesday and Wednesday was $39.40.
Berkshire generated $338 million from the most recent sales, according to official filings. This marks the 13th round of sales, a decline from earlier rounds, which averaged around $750 million per session over the past few months.
Buffett, 94, has not publicly explained the reason for cutting back Berkshire’s significant stake in Bank of America, where the company remains the largest shareholder with 10.2% of the stock, valued at over $31 billion.