Warren Buffett's Berkshire Hathaway Inc (NYSE:BRK.A) has reduced its stake in Bank of America Corp (NYSE:BAC), selling 9.5 million shares worth $382.4 million.
It brings Berkshire’s ownership in the bank below 10%, which, under US Securities and Exchange Commission rules, shareholders owning more than 10% must disclose trades within two days.
Investors will now need to wait for Berkshire’s quarterly reports to see if more shares were sold. Berkshire began trimming its position in July, selling 33.9 million shares for $1.48 billion.
Buffett first invested in Bank of America in 2011 and the banking giant reports earnings next week. This follows Berkshire halving its stake in Apple earlier this year.