Billionaire Warren Buffett’s Berkshire Hathaway has once again reduced its stake in Bank of America, selling shares worth approximately $845 million, according to a regulatory filing on Friday. This latest sale is part of a series of seven rounds since July, totaling over $6 billion in shares sold from the second-largest U.S. bank.
Berkshire, Bank of America’s largest shareholder, sold around 21.1 million shares between August 28 and August 30. Buffett initially invested in the bank in 2011 with a $5 billion purchase of preferred stock, signaling confidence in CEO Brian Moynihan’s leadership post the 2008 financial crisis. Despite earlier statements expressing support for Moynihan, Berkshire has decided to reduce its holdings. Bank of America shares have risen 21% this year, slightly underperforming the S&P 500 Banks Index’s 22.6% gain.