Tepper sold nearly 8 million shares of Bank of America (BAC - Get Report) 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 - Get Report), 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.