NEW YORK (
) -- French insurance giant
is apparently betting on diversified U.S. banks such as
Bank of America
as opposed to. U.S. investment banks, including
AXA reduced its stake in Goldman Sachs by more than half during the June-ending quarter, bringing its total holdings in the investment firm to 2.05% from 5%. Axa cut its stake by 16.4 million shares to a total of 10.5 shares, according to
Securities and Exchange Commission
filings obtained through
The stake amounted to roughly $1.47 billion based on Friday's closing price, down from $2.29 billion.
Axa was Goldman's largest single shareholder, according to the
Other institutional holders that also reduced their stakes in Goldman during the June-ending quarter included T. Rowe Price,
and Janus Capital Group among others.
AXA also cut its exposure to
and several regional banks including
, preferring instead to invest in large U.S. money-center banks.
Goldman Sachs' stock was rising modestly as the market opened. The stock is down 28% since hitting a 52-week-high of $193.60 on Oct. 14, but up 8% from its year low of $129.50 reached last month.
--Written by Laurie Kulikowski in New York.
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