(Bloomberg) -- Bank of America Corp. slumped after Warren Buffett’s Berkshire Hathaway Inc. sold more than $550 million worth of shares, further shrinking its stake in the bank.
Shares fell 2.5% on Tuesday, the worst performance in the KBW Bank Index. Buffett has been trimming his longtime stake in the lender this year, disclosing the latest disposal in a filing late Monday.
Buffett sold almost 14 million shares across three trading days, according to the filing. The conglomerate has disposed of about 100 million shares in a selling streak that began last month. Berkshire continues to hold more than 900 million shares of the Charlotte-based lender, and BofA’s stock remains up 15% in 2024.
A regulatory filing for the conglomerate’s equity holdings at the end of the second-quarter showed Buffett had roughly halved his stake in Apple Inc. while adding a position in retail cosmetics company Ulta Beauty Inc.
(Updates shares throughout for the market’s close.)
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