Is Paulson Feeling a Bit of Remorse Following Large BofA (BAC) Sale?
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Following yesterday's Bank of America (NYSE: BAC) $8.5 billion settlement with mortgage securities holders, which sent shares up over three percent on the session, hedge fund titan John Paulson may be rethinking his position in the bank. At the end of the first quarter, SEC filings had him as the eight-largest shareholder, with about 124 million Bank of America shares under his belt.
But, he may have been selling out of that position over the last two months...a large position, according to CNBC. Currently, no specific figures have been released.
Paulson, who runs the $38 billion fund Paulson & Co, now may be looking to get back some of the shares. With Paulson's track record, many investors look to his trades to find clarity in the market. Paulson has taken an increasingly bullish stance on the market since the down turn a few years ago.
The recent sell-off has many investors and analysts scratching their heads trying to figure out why he is selling shares of Bank of America, what is he forecasting the market might do, and were he might be moving his funds next. His largest holding, SPDR Gold (NYSE: GLD), has moved just 4.7 better since the end of last quarter.
“While we don’t comment on positions between public quarterly filings, we believe it is positive that Bank of America is seeking to put legacy mortgage issues behind it so that investors can focus on the power of future earnings.,” commented a Paulson spokesman about the Bank of America sales.
But might it be too late? Bank of America shares are down over one percent today following the rally, and some take profit off of the move.
But, he may have been selling out of that position over the last two months...a large position, according to CNBC. Currently, no specific figures have been released.
Paulson, who runs the $38 billion fund Paulson & Co, now may be looking to get back some of the shares. With Paulson's track record, many investors look to his trades to find clarity in the market. Paulson has taken an increasingly bullish stance on the market since the down turn a few years ago.
The recent sell-off has many investors and analysts scratching their heads trying to figure out why he is selling shares of Bank of America, what is he forecasting the market might do, and were he might be moving his funds next. His largest holding, SPDR Gold (NYSE: GLD), has moved just 4.7 better since the end of last quarter.
“While we don’t comment on positions between public quarterly filings, we believe it is positive that Bank of America is seeking to put legacy mortgage issues behind it so that investors can focus on the power of future earnings.,” commented a Paulson spokesman about the Bank of America sales.
But might it be too late? Bank of America shares are down over one percent today following the rally, and some take profit off of the move.
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