3. Bank of America Corp (NYSE:BAC)
Investors with Long Positions (as of June 30): 95
Aggregate Value of Investors’ Holdings (as of June 30): $7.73 Billion
During the second quarter, Bank of America Corp (NYSE:BAC)’s stock price rose by more than 10%, which was nonetheless greatly eclipsed by the rise in total hedge fund holdings, from $5.62 billion at the end of March. However the total hedge funds piling this capital into the stock fell from 101. So far this year the company’s stock has fallen by more than 11% despite the strong second quarter, which is also one of the reasons why the California Public Employees’ Retirement System and the California State Teachers’ Retirement System are voting against allowing current Bank of America Corp (NYSE:BAC) CEO Brian Moynihan to retain his Chairman post. The pension funds feel that assigning the two roles to one person will cause a conflict of interest and will negatively affect the bank’s performance, especially given the struggle that it had to go through with the Fed stress tests and its sub-par display on the stock market this year. Bruce Berkowitz‘s mutual fund Fairholme is the largest stockholder of Bank of America Corp (NYSE:BAC) within our database, holding more than 75.48 million shares valued at $1.28 billion.
2. JPMorgan Chase & Co. (NYSE:JPM)
Investors with Long Positions (as of June 30): 100
Aggregate Value of Investors’ Holdings (as of June 30): $9.04 Billion
Trading nearly sideways year-to-date, JPMorgan Chase & Co. (NYSE:JPM)’s stock surged by about 12.6% during the June trimester, and the company saw hedge fund interest rise from 95 firms with $7.63 billion worth of shares during that time. Credit Agricole and Keefe Bruyette recently upgraded the stock to ‘Buy’ and ‘Outperform’ respectively, setting price targets that provide an upside of more than 25% to the current trading level. Paul Ruddock and Steven Heinz‘s Lansdowne Partners tops our list of JPMorgan Chase & Co. (NYSE:JPM)’s stockholders as it holds some 21.16 million shares valued at $1.43 billion.
1. Citigroup Inc (NYSE:C)
Investors with Long Positions (as of June 30): 126
Aggregate Value of Investors’ Holdings (as of June 30): $11.8 Billion
Citigroup Inc (NYSE:C)’s popularity remained stable during the second quarter, as the same number of funds had an aggregate investment of $11.63 billion in the company at the end of March. The stock price is down by a little more than 4% on a year-to-date basis. Citigroup Inc (NYSE:C) recently sold off its consumer banking unit in Hungary to Erste Bank Hungary ZRT. The $155.73 billion global financial services company aims to now focus on Hungarian corporations, financial institutions, and public sector clients. Boykin Curry‘s Eagle Capital Managment trimmed its stake in Citigroup Inc (NYSE:C) by 8% during the June quarter to 24.37 million shares.
Disclosure: None
