Bank of America, Citi Stocks In The Spotlight After Buffett’s Berkshire Cuts Stake: Retail Mood’s Tepid For Now
Synopsis
The company currently holds 680.2 million shares of Bank of America, valued at $29.90 billion.
Bank of America (BAC) and Citigroup (C) stocks garnered retail attention on Tuesday after Berkshire Hathaway trimmed down its holdings of the two bank’s shares.
The company currently holds 680.2 million shares of Bank of America, valued at $29.90 billion.
The Warren Buffet-led company has steadily reduced its holding of Bank of America shares since July when it owned 1.03 billion shares. The bank is now the conglomerate's third-biggest holding, behind Apple and American Express.
According to The Fly, Keefe Bruyette analyst David Konrad wrote that Berkshire's slower pace of selling has created some uncertainty regarding its long-term strategy.
Retail sentiment on Stocktwits remained in the ‘bearish’ (36/100) territory, while retail chatter remained ‘low.’
Berkshire also cut its stake in Citigroup to 14.6 million shares, valued at $1.03 billion.
Despite the reduction, retail sentiment on StockTwits remained ‘neutral’ (50/100), while retail chatter remained ‘extremely low.’
Bank of America and Citi had both topped fourth-quarter earnings on robust investment banking earnings.
Over the past year, Bank of America shares and Citi shares have gained 39% and 55%, respectively.
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