Warren Buffett just unloaded $382 million of this stock

Core Insights - Warren Buffett sold an additional $382.4 million in Bank of America (BAC) stock, totaling 9.54 million shares sold in recent transactions [1][2] - This sell-off follows a previous transaction on October 3, where Buffett sold $337.9 million in BAC stock [3] - Berkshire Hathaway now owns less than 10% of BAC, allowing for more flexible trading without the need for immediate Form 4 disclosures [4] Company Performance - Despite Buffett's sell-off, BAC stock price is currently $41.93, having increased by 7.50% over the last 30 days, with year-to-date returns at 23.70% [6] - Analysts remain cautiously optimistic about BAC, with 12 out of 20 rating it a 'Strong Buy' and an average price target of $45.82, indicating a potential 9.45% increase [7] Industry Context - Buffett's reduction in BAC holdings is part of a broader trend of exiting bank investments, which includes previous stakes in Goldman Sachs, JPMorgan, Wells Fargo, U.S. Bancorp, and BNY Mellon [5] - The banking sector faces challenges from fintech competition and uncertainty regarding Federal Reserve policies and interest rates [5][8]