Bank of America shares sold for $2.3 billion in a 6-day sale by Berkshire Hathaway.

This week, Warren Buffett's conglomerate has continued to reduce its stake in the bank by dumping more shares, marking six straight trading days of decreased investment.

On Monday, Tuesday, and Wednesday, the Omaha, Nebraska-based holding company sold 18.9 million shares at an average price of $42.46, raising $802.5 million, according to a new regulatory filing.

In the past six trading sessions, Berkshire has sold 52.8 million Bank of America shares worth $2.3 billion, decreasing its stake to 12.5%. Despite this, Berkshire still holds 980.1 million Bank of America shares with a market value of $41.3 billion, which is second only to its $172.5 billion investment in Apple.

Berkshire must reveal its stock transactions within two business days of exceeding a 10% stake in any company.

After outperforming the broader market this year, Buffett may be reconsidering his bet on valuation concerns for Bank of America, which has risen more than 25% in 2024 compared to almost 14% for the S&P 500.

Since the fourth quarter of 2019, Berkshire has reduced its stake in Bank of America for the first time. In 2011, Warren Buffett purchased $5 billion in preferred stock and warrants to bolster confidence in the bank as it faced losses related to subprime mortgages following the financial crisis.

In 2022, Berkshire exited a handful of longtime bank positions, including JPMorgan, Goldman Sachs, Wells Fargo, and U.S. Bancorp, despite Buffett speaking highly of the leadership at Bank of America the previous year.

In 2023, Buffett stated that he invited himself to Bank of America many years earlier and they made a great deal for us. He also mentioned that he greatly admires Brian Moynihan and does not want to sell the bank.