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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

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Bank of America Corp. is a bank and financial holding company, which engages in the provision of banking and nonbank financial services. It operates through the following segments: Consumer Banking, Global Wealth and Investment Management (GWIM), Global Banking, Global Markets, and All Other. The Consumer Banking segment offers credit, banking, and investment products and services to consumers and small businesses. The GWIM segment offers solutions to meet clients’ needs through a full set of investment management, brokerage, banking, and retirement products. The Global Banking segment deals with lending-related products and services, integrated working capital management and treasury solutions to clients, and underwriting and advisory services. The Global Markets segment includes sales and trading services, as well as research, to institutional clients across fixed-income, credit, currency, commodity, and equity businesses. The All Other segment consists of asset and liability management activities, equity investments, non-core mortgage loans and servicing activities, the net impact of periodic revisions to the mortgage servicing rights (MSR) valuation model for both core and non-core MSRs, other liquidating businesses, residual expense allocations and other. The company was founded by Amadeo Peter Giannini in 1904 and is headquartered in Charlotte, NC.

Volume	52.05M
52-Wk High	$44.44
52-Wk Low	$24.96

BAC Bank of America Corp

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