Warren Buffett’s Berkshire Hathaway has trimmed its stake in Bank of America by another 9.5 million shares, worth around $382 million, dropping his company’s holdings in the bank to less than 10 percent, a key reporting threshold.
Berkshire disclosed the latest sale in a regulatory filing with the U.S. Securities and Exchange Commission (SEC) on Oct. 10, bringing the total value of Bank of America stock that Buffett’s company has sold in a selling spree that began in July to roughly $10 billion.
The latest selloff brings Berkshire’s stake in Bank of America to 775 million shares, worth roughly $31 billion and representing a 9.99 percent stake in America’s second-biggest bank. By falling below the 10 percent threshold that mandates immediate SEC disclosure, Berkshire is now able to report any future sales in its quarterly filings instead of promptly after each transaction….