{"id":1497032,"date":"2024-10-18T11:45:00","date_gmt":"2024-10-18T15:45:00","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1497032"},"modified":"2024-10-18T11:45:00","modified_gmt":"2024-10-18T15:45:00","slug":"buffett-sheds-more-bofa-shares-after-buybacks-push-stake-above-10","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/buffett-sheds-more-bofa-shares-after-buybacks-push-stake-above-10\/1497032\/","title":{"rendered":"Buffett Sheds More BofA Shares After Buybacks Push Stake Above 10%"},"content":{"rendered":"

Buffett Sheds More BofA Shares After Buybacks Push Stake Above 10%<\/span><\/p>\n

\n

94-year-old Warren Buffett’s Berkshire Hathaway\u00a0offloaded even more\u00a0Bank of America shares this week to sustain\u00a0<\/p>\n

Bloomberg<\/a> data shows Berkshire’s total proceeds from selling BofA shares topped $370 million this week. The selling abruptly began in mid-July.<\/p>\n

<\/a><\/p>\n

Berkshire’s stake is now under 10%, currently at 9.88%, which means that instead of disclosing trades every few days, this can now be done quarterly. The valuation of the position stands at around $32.64 billion (as of Thursday’s close).<\/p>\n

<\/a><\/p>\n

Bloomberg explained how a recent multi-billion share buyback purchase by BofA pushed\u00a0Berkshire back over the 10% mark:\u00a0<\/p>\n

Buffett’s earlier rounds of selling had already cut the holding to less than 10% of the Bank of America shares known to be in circulation before the lender announced on Tuesday that it had repurchased $3.5 billion of stock during the third quarter. The bank’s updated figure meant Berkshire was back above that key regulatory threshold.<\/em><\/p>\n

The latest selling is the first round of\u00a0Berkshire selling BofA shares since right before the pandemic.<\/p>\n

<\/a><\/p>\n

Buffett remains the top BofA shareholder.<\/p>\n

<\/a><\/p>\n

On Tuesday, Bank of America released its third-quarter earnings, revealing a cycle-low in net interest income<\/a> while charge-offs and credit losses surged to their highest levels in years.<\/p>\n

Neither Buffett nor Berkshire have made any public statements regarding their months-long selling of BofA shares<\/a>.\u00a0<\/p>\n

Why Buffett is dumping BofA: provision for credit losses highest since covid lockdown pic.twitter.com\/qt8pcAivgc<\/a><\/p>\n

\u2014 zerohedge (@zerohedge) October 15, 2024<\/a><\/p>\n

However, following this earnings report, one can only speculate on the reasons behind the sudden unloading.<\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nFri, 10\/18\/2024 – 07:45<\/span><\/p>\n

\u200bhttps:\/\/www.zerohedge.com\/markets\/buffett-sheds-more-bofa-shares-after-buybacks-push-stake-above-10<\/a>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

Buffett Sheds More BofA Shares After Buybacks Push Stake Above 10% 94-year-old Warren Buffett’s Berkshire Hathaway\u00a0offloaded even more\u00a0Bank of America shares this week to sustain\u00a0…<\/p>\n","protected":false},"author":0,"featured_media":1497033,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1497032","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","wpcat-1-id"],"_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1497032","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1497032"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1497032\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media\/1497033"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1497032"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1497032"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1497032"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}