BUZZ-BofA investors face uncertainty as Berkshire cuts stake at slower pace, KBW says
Updates
Brokerage KBW says Warren Buffett's Berkshire Hathaway BRKa.N is reducing its stake in Bank of America BAC.N at a slower-than-expected pace, which is prolonging the uncertainty for investors in the bank's stock
*BofA stock falls 1.2% in early trading
Berkshire late Friday disclosed it had cut its BofA stake by ~15% to 680.2 million shares, leaving the conglomerate with a 8.9% stake in the second-largest U.S. lender as of December 31
Buffett's Berkshire has reduced its BofA stake by one-third since July, when it held 1.03 billion shares
KBW says Berkshire's disclosure shows a nearly 57% decline in the estimated pace of sales by the company since the selling spree started back in July
BofA stock has underperformed rivals JPMorgan Chase JPM.N, Wells Fargo WFC.N, and Citigroup C.N in the past three months
Investors were curious if the stock underperformance was due to selling pressure from Berkshire, analysts had said ahead of the conglomerate's regulatory filing
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