Warren Buffett's Berkshire Hathaway sold more Bank of America shares, boosting sales to more than $3 billion this month, taking profits after a big run-up in...
- Warren Buffett 's Berkshire Hathaway sold more Bank of America shares, boosting sales to more than $3 billion this month, taking profits after a big run-up in the second-largest U.S. bank's stock price .
It has sold 71.2 million Bank of America shares for $3.05 billion since July 17, reducing its holdings in the Charlotte, North Carolina-based lender by 6.9% to 961.5 million shares. Bank of America's stock price has risen by nearly two-thirds since late October. The stock trades at 1.2 times book value, after trading below book value for most of the last decade.Berkshire bought $5 billion of Bank of America preferred stock in 2011, when some investors worried if the bank would have enough capital after cleaning up huge mortgage and legal liabilities from the 2008 financial crisis.
Buffett said at Berkshire's May 4 annual meeting that he expected the iPhone maker to remain Berkshire's largest stock investment, but selling made sense because the 21% federal tax rate on gains would likely grow.
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