Is Bank of America Corp (NYSE:BAC) worth your attention right now? Money managers are in a pessimistic mood. The number of long hedge fund positions retreated by 8 recently.
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With these “truths” under our belt, we’re going to take a glance at the key action surrounding Bank of America Corp (NYSE:BAC).
What does the smart money think about Bank of America Corp (NYSE:BAC)?
Heading into Q2, a total of 93 of the hedge funds we track held long positions in this stock, a change of -8% from one quarter earlier. With hedge funds’ positions undergoing their usual ebb and flow, there exists a few key hedge fund managers who were boosting their holdings significantly.
Seeing as Bank of America Corp (NYSE:BAC) has faced falling interest from hedge fund managers, it’s easy to see that there lies a certain “tier” of fund managers who sold off their positions entirely heading into Q2. Interestingly, Peter Rathjens, Bruce Clarke and John Campbell’s Arrowstreet Capital sold off the biggest investment of all the hedgies we watch, worth close to $174.7 million in stock.. Ken Heebner’s fund, Capital Growth Management, also cut its stock, about $152.1 million worth. These bearish behaviors are important to note, as aggregate hedge fund interest dropped by 8 funds heading into Q2.
What do corporate executives and insiders think about Bank of America Corp (NYSE:BAC)?
Insider purchases made by high-level executives is at its handiest when the company we’re looking at has seen transactions within the past six months. Over the latest six-month time frame, Bank of America Corp (NYSE:BAC) has experienced 1 unique insiders purchasing, and 3 insider sales (see the details of insider trades here).
With the returns demonstrated by our time-tested strategies, retail investors must always watch hedge fund and insider trading activity, and Bank of America Corp (NYSE:BAC) is no exception.
