Bank of America Stock On Retail’s Radar After Buffett’s Berkshire Reportedly Brings Down Stake Below 10%

Shares of Bank of America Corp. (BAC) rose over 4% on Friday morning despite a regulatory filing indicating that Warren Buffett’s Berkshire Hathaway (BRK.A) has reduced its stake to 775 million shares.

That brings Berkshire’s holdings below the 10% threshold of 776 million shares, according to Bloomberg.

This change means Berkshire is no longer obligated to disclose its trades within two business days, as per SEC rules; however, the firm’s holdings will still be revealed in quarterly 13-F filings.

On Stocktwits, retail sentiment for BAC improved to ‘neutral’ (47/100) from ‘bearish’ the previous day.

As of 10:30 a.m. ET, the stock was among the top 15 trending tickers.

Some users speculated that Berkshire’s selloff might be over for now.

Others projected a potential rise to $45 after the Q3 earnings report next week, citing positive reports from JPMorgan and Wells Fargo.

Berkshire has reportedly netted approximately $10.5 billion from BAC shares, which it began offloading this year in mid-July.

Despite the sell-off, Berkshire remains the largest shareholder of Bank of America, with a stake valued at around $31 billion based on Thursday’s closing price.

Recent reports suggest that Buffett may be considering investments in Japanese financial firms and shipping companies, as Berkshire’s return to yen bond markets raises speculation about its strategy to acquire more value stocks.

Year-to-date, BAC stock has gained over 23%, while JPMorgan has increased by about 30%, and Wells Fargo has risen approximately 25%.

Read next: BlackRock Stock Rises After Firm Reports Record Inflows And AUM: Retail’s Exuberant