Warren Buffett’s Successor, Greg Abel, Appears to Have Sold Shares of Bank of America for a 7th Consecutive Quarter

For decades, Berkshire Hathaway‘s (NYSE: BRKA)(NYSE: BRKB) annual shareholder meeting has been one of the most anticipated events on Wall Street. It provided an opportunity for longtime CEO Warren Buffett to talk about the U.S. economy, stock market, and Berkshire’s 48-stock investment portfolio.

But this year had a different tone. The Oracle of Omaha retired as CEO on Dec. 31, thereby handing the baton to his protégé, Greg Abel. While Buffett remains chair of the board, Berkshire’s day-to-day operations, its $327 billion investment portfolio, and its annual shareholder meeting are Abel’s responsibility.

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However, you won’t find all the juiciest details about Berkshire Hathaway from its annual meeting. The company’s first-quarter operating results, which were released on the day of its annual meeting (May 2), point to Abel making a big move in his company’s portfolio.

Warren Buffett retired as CEO on Dec. 31, 2025. Image source: The Motley Fool.

Bank of America shares likely got the heave-ho for a seventh straight quarter

When professional and everyday investors want to track what Wall Street’s smartest money managers are buying and selling, they typically turn to Form 13F filings. A 13F is a required filing no later than 45 calendar days following the end of a quarter that details an institutional investor’s buying and selling activity.

Although Berkshire Hathaway’s 13F detailing its first-quarter trades will be filed with regulators after the closing bell on May 15, investors may not have to wait till then to decipher what Greg Abel and his investment team have been up to.

In Berkshire’s notes to its consolidated financial statements, the company lays out its cost bases for all investment holdings in three categories:

  • Banks, insurance, and finance

  • Consumer products

  • Commercial, industrial, and other

Between Dec. 31 and March 31, Berkshire’s cost basis in “Banks, insurance, and finance” declined from $15.454 billion to $14.685 billion, with a significant reduction in this category’s net unrealized gain. Though Abel’s company oversees several financial stocks in its $327 billion investment portfolio, few (if any) can have as large an impact on net unrealized gains as Bank of America (NYSE: BAC).

There are two notable clues beyond Berkshire’s first-quarter operating results to suggest that Abel has followed in the Oracle of Omaha’s footsteps and continued to pare down his former No. 2 holding. To begin with, Buffett was a persistent seller of Bank of America stock for six straight quarters leading up to his retirement:

  • Q3 2024: 235,168,699 shares sold

  • Q4 2024: 117,449,720 shares sold

  • Q1 2025: 48,660,056 shares sold

  • Q2 2025: 26,306,156 shares sold

  • Q3 2025: 37,197,363 shares sold

  • Q4 2025: 50,774,078 shares sold

Collectively, Buffett dumped 50% of Berkshire’s Bank of America stake since mid-July 2024. It’s unlikely that this selling stopped cold turkey under Greg Abel during the first quarter.

BAC Price to Book Value Chart
BAC Price to Book Value data by YCharts. Chart timeline from Aug. 1, 2011-May 2, 2026.

The other clue that strongly suggests Abel showed shares of BofA to the chopping block in the March-ended quarter is its valuation.

Abel and his now-retired predecessor are unwavering in their desire to get a good deal. When Warren Buffett first took a stake in BofA’s preferred stock in the summer of 2011, its common stock was valued at a 62% discount to its listed book value. At the end of 2025, Bank of America shares were valued at a 43% premium to book value.

Although Bank of America stock isn’t egregiously pricey, it’s no longer the screaming bargain that attracted the value-focused Warren Buffett in the first place.

Should you buy stock in Bank of America right now?

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Bank of America is an advertising partner of Motley Fool Money. Sean Williams has positions in Bank of America. The Motley Fool has positions in and recommends Berkshire Hathaway. The Motley Fool has a disclosure policy.

Warren Buffett’s Successor, Greg Abel, Appears to Have Sold Shares of Bank of America for a 7th Consecutive Quarter was originally published by The Motley Fool

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