Moore Capital Management LP, the hedge-fund firm run by billionaire Louis Moore Bacon, divested its stake in Bank of America Corp. (BAC:US) in the second quarter, while boosting holdings in Hartford Financial Services Group Inc. (HIG:US) and JPMorgan Chase & Co. (JPM:US)
Moore sold 10.1 million shares of Bank of America valued at $122.6 million at the end of the first quarter, according to a filing today with the U.S. Securities and Exchange Commission. Moore added 3.53 million shares to its stake in insurer Hartford, its largest U.S. stock-listed holding, bringing its position to 7.8 million shares valued at $241.2 million at the end of the second quarter.
The hedge-fund firm bought 581,710 shares of JPMorgan, its second-largest holding, and owned 3.59 million shares valued at $189.6 million at the end of June, according to the filing. Moore cut its stake in Citigroup Inc. (C:US) by 1.82 million shares, leaving it with 3.41 million shares.
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