Berkshire Hathaway sells Bank of America shares worth $1.48 billion

Berkshire Hathaway has sold 33.9 million shares of Bank of America at a total value of $1.48 billion in multiple transactions last week, according to a regulatory filing.

Berkshire held about 999 million Bank of America shares after the sale.

Berkshire Hathaway started to invest in the Wall Street bank in 2011, while acquiring $5 billion of preferred stock plus warrants to purchase 700 million common shares.

Stock Performance

The shares of Bank of America Corp (BAC) closed 0.26% ($0.11) lower at $42.90 in New York on Friday, as they extended the losses from the previous two market sessions.

The financial group’s total market cap now stands at $333.537 billion.

The shares of Bank of America Corp (BAC) went up 1.66% in 2023, compared with a 24.23% gain for the benchmark index, S&P 500 (SPX).

The lender’s shares have risen 27.41% so far this year.

Analyst stock price forecast and recommendation

According to TipRanks, at least 10 out of 16 surveyed investment analysts had rated Bank of America Corp’s stock as “Buy”, while 5 – as “Hold”. The median price target on the stock stands at $45.16, which translates into a 5.27% upside compared to the closing price on Friday.

The high point of the analyst forecast range stands at $52.00.