Berkshire sales of Bank of America slowing, says Keefe Bruyette

Keefe Bruyette analyst David Konrad says Berkshire Hathaway’s (BRK.B) (BRK.A) quarterly filing published on Friday shows decelerating sales of Bank of America (BAC). Berkshire owned approximately 8.9% of Bank of America at year-end, down from 10% at October 15, 2024, the analyst tells investors in a research note. Keefe says that although the lack of a more substantial decline in Berkshire’s ownership may disappoint investors, Berkshire’s pace of selling has slowed, resulting in some uncertainty around Berkshire’s longer term strategy. The firm has an Outperform rating on Bank of America with a $59 price target.