Warren Buffett's Berkshire Hathaway Disclosed: Third reduction in Bank of America holdings this month Stocks were sold for a total of more than $3 billion.

Berkshire Hathaway has been investing in Bank of America since 2011 and has long been its largest shareholder. According to documents submitted to regulators on Monday, Berkshire Hathaway sold $767 million of Bank of America shares between July 25 and July 29. Together with the sales before this month, Berkshire Hathaway reduced its holdings by 6.9% in total.

However, the documents show that Berkshire Hathaway still holds nearly 962 million shares of Bank of America, worth $39.5 billion based on Monday's closing price.

The shares sold this month represent Buffett’s biggest reduction in the investment, a long-term vote of confidence in the stewardship of Bank of America Corp. Chief Executive Brian Moynihan. The legendary 93-year-old investor is cashing out after shares of the bank gained 22% this year.

Representatives for Berkshire Hathaway and Bank of America did not respond to messages seeking comment outside of business hours.

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