Berkshire Hathaway exceeds $10bln in Bank of America sales, reducing stake further

Investing.com -- As per a regulatory filing dated Monday, Warren Buffet's Berkshire Hathaway (NYSE:BRKa ) Inc (NYSE:BRKb ). has now surpassed $10 billion in total proceeds from reducing its stake in Bank of America (NYSE:BAC ).

Warren Buffett, began scaling back the substantial investment in mid-July, which has since put downward pressure on the stock’s price.

In this most recent round of sales, Berkshire gained $383 million over three trading days, offloading a smaller number of shares compared to previous sales. 

Historically, Buffett's selling activity has tended to slow when the stock price approaches $39, as indicated in his company's filings. 

At this price, Berkshire's remaining 10.1% stake is valued at approximately $31.4 billion.

In September, Berkshire Hathaway continued to decrease its stake in Bank of America by selling 18.7 million shares between September 3 and September 5. These transactions generated about $760 million.

Source: Investing.com