This content is from: Innovation

Appaloosa Buys Banks Stakes For $1.23B

Hedge fund, Appaloosa Management, has raised its stakes in U.S. banks to a total of $1.23 billion.

Hedge fund, Appaloosa Management, has raised its stakes in U.S. banks to a total of $1.23 billion, The Wall Street Journal reports. The fund now holds a Citigroup stake worth $576.9 million, JP Morgan Chase stake worth $25.2 million and Bank of America share with a value of $373.3 million.

The New Jersey-based fund has also raised its stake in Wells Fargo to 7.5 million common shares and 335,482 preferred shares. The hedge fund has decreased its stake in Fifth Third Bancorp and Capital One Financial.

Click here for the story from The Wall Street Journal.

Click here for the additional coverage from Bloomberg.

Related Content