This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

10 Hedge Funds' Views on Bank of America

Stocks in this article: BACWFC

BOSTON ( The Street Ratings) -- Appaloosa Management, a top-performing hedge fund firm run by David Tepper, cut its bank-stock holdings by 15%, according to the most recent regulatory filing.

Tepper sold nearly 8 million shares of Bank of America (BAC) in the first quarter, before the stock's decline accelerated. Bank of America has fallen 20% in the past three months, almost twice as much as that of rival JPMorgan (JPM). Another competitor, Citigroup (C), has dropped 16%.

What should you do? To gain perspective, here's what 10 other prominent hedge fund managers were doing as of March 31. And, afterward, hedge fund managers' and TheStreet Ratings' views of Wells Fargo (WFC), whose shares have fallen the least among major banks.

David Tepper (Appaloosa Management)

Canyon Capital Advisors: Added 1.5 million shares, bringing its total position to 6.04 million shares, or a market value of $80.5 million.

Paulson & Co.: Paulson is the ninth-largest holder on record. The hedge fund firm, founded by namesake John Paulson, sold 226,000 shares, yet still holds $1.6 billion worth.

Goodman & Co.: Increased holdings by 65%, purchasing nearly 11.5 million shares.

Pzena Investment Management: The firm, run by Rich Pzena, added 322,000 shares, making for a total of 17.5 million shares.

Phil Gross' Adage Capital Partners: Trimmed nearly 7% of its stake by selling 1 million shares. Adage held $192 million worth.

Metropolitan West Capital: Reduced holdings by 31%, lowering its stake to $160 million.

King Street Capital: Quadrupled its position, adding 8 million shares, raising the total to $133 million.

Brookside Capital: Also added 8 million shares, tripling its position. Brookside held $157 million worth.

Benjamin Slavet's Ascend Capital: Initiated a new position of 7 million shares.

Citadel Advisors: Purchased 3.7 million shares, more than tripling its position. Citadel had $67 million in the stock.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,171.89 +197.58 1.16%
S&P 500 0.00 -2.75 -0.14%
NASDAQ 4,549.9230 +0.6970 0.02%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs