Moore Capital Management LP, the hedge-fund firm run by billionaire Louis Moore Bacon, divested its stake in Bank of America Corp. in the second quarter, while boosting holdings in Hartford Financial Services Group Inc. and JPMorgan Chase & Co.
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. by 1.82 million shares, leaving it with 3.41 million shares.