David Tepper Banks
David Tepper's Hedge Fund Increases Bets on Big Banks
Appaloosa Management LP, the New Jersey hedge fund run by investor David Tepper, increased its bets on the four biggest U.S. banks during the fourth quarter and now holds more than $1.23 billion combined in the banks, according to a filing with the Securities and Exchange Commission.
Among its moves, the fund more than doubled its stake in Citigroup Inc. to more than 117 million shares, a holding that at Monday's closing price would be valued at $576.9 million.
The fund also reported a new stake in J.P. Morgan Chase & Co. valued at $25.2 million. Its stake in Bank of America Corp. rose 12% to 25.1 million shares, a value of $373.3 million, while its stake in Wells Fargo & Co. rose to 7.5 million common shares from 6.4 million and 335,482 preferred shares from 292,019. The common stake in Wells Fargo would be valued at $252.7 million at Monday's close. Source