Buffett Dumps More Bank of America Stock, No Longer Has To Report Moves Promptly

Key Takeaways

• Warren Buffett's Berkshire Hathaway sold off more of its stake in Bank of America, and no longer will have to report that information in a timely manner.
• Berkshire sold 9.5 million shares over three days at an average price of around $40.
• Buffett began shedding Bank of America stock in mid-July.

Warren Buffett's Berkshire Hathaway (BRK.A) won't have to report its transactions in Bank of America (BAC) stock promptly anymore.

That's because Buffett continued his recent selloff of Berkshire's holdings in the bank, and no longer has a 10% stake, the level required to give timely updates on investments.

In a securities filing, Berkshire said it had sold about 9.5 million shares of BofA over Tuesday, Wednesday, and Thursday at an average price of approximately $40, netting some $380 million. Following the sale, Berkshire owns 775 million BofA shares.

Berkshire Began Trimming BofA Stake in July

Berkshire began dumping the bank's stock in mid-July, and last month shed another 5.8 million shares. Asked about that then, BofA Chief Executive Officer (CEO) Brian Moynihan called Buffett "a great shareholder," and explained that he didn't know why Buffett was selling, but wasn't worried. "Life will go on," he added. 

The news didn't hurt Bank of America shares, which rose 5% Friday morning along with other bank stocks, and are up about 25% year-to-date.

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