Shares of Bank of America Corp. inched 0.71% higher to $39.68 Monday, on what proved to be an all-around favorable trading session for the stock market, with the S&P 500 Index rising 0.42% to 5,762.48 and the Dow Jones Industrial Average rising 0.

One of the Oracle of Omaha's favorite stocks to buy is Berkshire Hathaway's new leading provider of dividend income.

Bank of America's deposit base is eroding rapidly despite the money supply surge in recent years. Click here to read an analysis of BAC stock here.

Berkshire Hathaway CEO Warren Buffett has long been a fan of bank stocks. In fact, the banking/insurance sector has likely been the sector he's invested the most in over his career. In recent years, Bank of America ( BAC -0.30%) has been Berkshire's No. 1 holding among bank stocks, but that seems to be changing.

Bank of America is a significant holding of Berkshire Hathaway, which recently sold 20% of its stake. Read why trimming BAC stock is not good for us here.

Berkshire Hathaway continued to reduce its stake in Bank of America in recent days, selling 11.7 million shares for about $460 million and cutting its interest in the banking company to 10.3%. Berkshire sold the shares on Wednesday,

These seven Warren Buffett picks make sense now for growth and income investors looking for top dividend stocks.

Billionaire investor Warren Buffett’s Berkshire Hathaway (NYSE:BRK.A) continued its recent sales of Bank of America (NYSE:BAC) shares on Friday, offloading roughly 3.9M shares to trim its stake to 10.