Warren Buffett’s Berkshire Hathaway dumped $6.2 billion in Bank of America stock in under 2 months

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Warren Buffett’s Berkshire Hathaway dumped $6.2 billion in Bank of America stock in under 2 months - Fortune

Quick Summary:

Bank of America currently trades at just 14.2 times earnings, well below the 24 times earnings for the entire S&P 500.“If you’re worried about expensive stocks in general out there, certainly banks would not be top of the list—they’re trading at 10, 11, 12 times current earnings,” he argued.

Berkshire went on to buy hundreds of millions of shares of Bank of America as the bank’s price fell prior to the GFC, with the largest, 679 million share, purchase coming when Bank of America stock hit $24.27.

And the trend has only continued in the third quarter.Berkshire has sold 150.1 million shares of Bank of America for $6.2 billion since July 17, SEC filings show, slashing its holdings of the mega bank by 14.5%.