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Legendary investor Warren Buffett-owned Berkshire Hathaway has trimmed its stake in Bank of America for the first time since 2019 over six trading sessions. Despite the stake reduction, retail investors have refrained from turning bearish on the stock with the sentiment meter trending in the neutral zone (53/100) supported by high message volume.<figure class="image"><img style="aspect-ratio:1586/460;" src="https://st-everywhere-cms-prod.s3.us-east-1.amazonaws.com/Screenshot_2024_07_25_at_11_14_56_AM_17542e5de1.png" alt="Retail sentiment trends in the neutral territory for Bank of America" width="1586" height="460"><figcaption>Retail sentiment trends in the neutral territory for Bank of America</figcaption></figure>The sale of shares took place from Wednesday July 17 through July 24, according to filings on the Securities and Exchange Commission (SEC) website. Last week, Berkshire sold roughly 33.89 million shares of the lender at prices ranging from $43.13 to $44.07. This week, the firm sold another 18.89 million shares at prices ranging from $42.39 to $42.56.In total, Berkshire sold 52.89 million shares of the lender in six sessions that amounts to approximately $2.30 billion worth of stock. However, Berkshire still holds over 980 million shares of the bank, worth $41 billion at current prices. That’s second only to its stake in Apple which is worth a whopping $172 billion.Notably, the share sale comes in the wake of a decent rally registered by Bank of America stock this year, having gained over 23% on a year-to-date (YTD) basis. The lender, too, has been doing well on its operational metrics. Last week, it announced an upbeat set of earnings that topped analyst estimates on multiple counts. The bank reported a revenue of $25.40 billion during the quarter which came in higher than a Street estimate of $25.22 billion. Earnings per share came in at 83 cents as compared to an estimate of 80 cents.But that’s not all. The bank has been in the news lately after it increased its common stock dividend by 8% to $0.26 per share. The Board also authorized a new $25 billion common stock repurchase program, effective August 1, 2024, to replace the company’s current program, which will expire on that date.Stocktwits users are chatting about the buyback and the dividend hike, but some aren’t optimistic about the stock post Berkshire’s selling. A user named ‘FOTIKRR’ believes the stock could fall below the $30 mark and Buffett’s stake reduction in the lender is a precursor for a downward move in the stock and the broader financial sector.<figure class="image"><a href="https://stocktwits.com/FOTIKRR/message/580483338"><img style="aspect-ratio:1572/648;" src="https://st-everywhere-cms-prod.s3.us-east-1.amazonaws.com/Screenshot_2024_07_25_at_11_16_53_AM_a736322b3a.png" alt="Stocktwits user FOTIKRR's post on Bank of America" width="1572" height="648"></a><figcaption>Stocktwits user FOTIKRR's post on Bank of America</figcaption></figure>Photo Courtesy: Bank of America website

Warren Buffett Unloads Bank of America: How Retail Investors Reacted

Retail investors are uncertain about the stock’s fate given that Buffett’s stake reduction comes amid Bank of America’s dividend hike and a $25 billion buyback.

Equity

Warren Buffett's Berkshire Hathaway Sells More Bank of America Stock

Warren Buffett's Berkshire Hathaway Sells More Bank of America Stock...

5 Subtle Reasons Warren Buffett Just Sold $1.48 Billion Worth of Bank of America Stock

The selling continues at Berkshire Hathaway, with the second-largest holding Warren Buffett oversees being pared down by nearly 33.9 million shares...

A number of brokerage firms have initiated coverage on some well-followed stocks on Monday. While Wall Street starts covering the stocks, let’s take a look at what retail has been thinking about these names.1. Melius Research on Uber and Lyft: Melius Research has reportedly initiated coverage of both ride-hailing firms Uber Technologies and Lyft with ‘Hold’ ratings. The firm has announced a price target of $77 for Uber and $15 for Lyft, indicating a potential upside of 12% and 21%, respectively, from current levels. However, while Uber shares have performed well this year, having returned over 15% on a year-to-date (YTD) basis, Lyft shares have lost over 10% in the same period. Stocktwits sentiment is trending in bullish territory for both the stocks (UBER: 56/100, LYFT: 60/100).<figure class="image"><img style="aspect-ratio:796/224;" src="https://st-everywhere-cms-prod.s3.us-east-1.amazonaws.com/Screenshot_2024_07_22_at_1_18_36_PM_bffee924d7.png" alt="Retail sentiment trends in bullish zone for Uber Technologies" width="796" height="224"><figcaption>Retail sentiment trends in bullish zone for Uber Technologies</figcaption></figure>2. TD Cowen on Berkshire Hathaway class B shares: TD Cowen has initiated coverage on the class B shares of Berkshire Hathaway with a ‘Hold’ rating and a price target of $465 price. According to the company, Berkshire’s "old-school conglomerate structure" has faced challenges in many key areas despite being powered by a strong insurance business. The stock is currently trading near the $434 mark, leaving an upside potential of 7%. Stocktwits sentiment is currently in a bearish zone (43/100) for the stock.<figure class="image"><img style="aspect-ratio:785/223;" src="https://st-everywhere-cms-prod.s3.us-east-1.amazonaws.com/Screenshot_2024_07_22_at_1_19_55_PM_7adb36a71f.png" alt="Retail sentiment trends in bearish territory for Berkshire class B shares" width="785" height="223"><figcaption>Retail sentiment trends in bearish territory for Berkshire class B shares</figcaption></figure>3. UBS on EVgo: UBS has reportedly initiated a coverage on the electric vehicle fast charging network EVgo with a ‘Neutral’ rating and a price target of $4. According to UBS, the firm’s positive attributes are balanced by many near- and medium-term risks, driving the cautious view on the stock. The stock is currently trading near the $3.40 level, leaving an upside potential of over 17%. Stocktwits sentiment is currently trending in bearish territory (36/100) for the stock.&nbsp; &nbsp;

Retail’s Reaction Mixed As Wall Street Initiates Coverage On Uber, Lyft, Berkshire Hathaway, and EVgo

Retail sentiment is trending in the bullish territory for both Uber and Lyft while investors are bearish on Berkshire Hathaway and EVgo. 

Retail sentiment is trending in the bullish territory for both Uber and Lyft while investors are bearish on Berkshire Hathaway and EVgo. The only thing that is common among these stocks is the fact that price targets are leaving reasonable upside from current levels.

Warren Buffett's Berkshire Hathaway Cuts Stake in Bank of America

Warren Buffett's Berkshire Hathaway Cuts Stake in Bank of America...

Berkshire Hathaway Cuts Stake in Bank of America

Kevin Dietsch / Getty Images

 Key TakeawaysWarren Buffett's Berkshire Hathaway reduced its stake in Bank of America by 33.9 million shares over a three-day period last week.The selloff...

Why Berkshire Hathaway Is Likely to Continue to Sell Its Apple Stake

Covering multiple factors Buffett may consider in potential further reductions...

Futures Jump Led By Megacap Tech As Trump Trades Reverse

Futures Jump Led By Megacap Tech As Trump Trades Reverse

 Global markets are relatively muted after a second consecutive historic weekend for US politics, one where Joe Biden ended his...

How Much Apple Stock Does Billionaire Warren Buffett Own?

Apple accounts for a disproportionately large share of the Berkshire Hathaway portfolio...

Berkshire Hathaway Sells Bank of America Stock Worth $1.5 Billion

Berkshire Hathaway Sells Bank of America Stock Worth $1.5 Billion...

Berkshire Hathaway, Inc. is a holding company, which engages in the provision of property and casualty insurance and reinsurance, utilities and energy, freight rail transportation, finance, manufacturing, and retailing services. It operates through the following segments: Insurance, Burlington Northern Santa Fe, LLC (BNSF), Berkshire Hathaway Energy (BHE), Pilot Travel Centers (PTC), Manufacturing, McLane, and Service and Retailing. The Insurance segment includes the underwriting of GEICO, Berkshire Hathaway Primary Group, and Berkshire Hathaway Reinsurance Group. The BNSF segment involves the operation of railroad systems. The BHE segment focuses on regulated electric and gas utility, power generation and distribution, and real estate brokerage activities. The PTC segment consists of managing travel centers and marketing of wholesale fuel. The Manufacturing segment refers to industrial, consumer and building products, home building, and related financial services. The McLane segment covers the wholesale distribution of groceries and non-food items. The Service and Retailing segment relates to the provision of shared aircraft ownership programs, aviation pilot training, electronic components distribution, retailing businesses, automobile dealerships and trailer, and furniture leasing services. The company was founded by Oliver Chace in 1839 and is headquartered in Omaha, NE.

Volume	2.72M
52-Wk High	$449.25
52-Wk Low	$330.58

BRK.B Berkshire Hathaway Inc

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