The Kuwait Investment Authority sold a $3.1B stake in Bank of America (BAC) in an overnight block trade that priced at $47.95 per share, Sridhar Natarajan, Dinesh Nair, Anthony Hughes and Fiona MacDonald of Bloomberg report, citing people familiar with the matter. The trade, which was handled by Goldman (GS) Sachs, priced at the bottom of the marketed range, sources told Bloomberg. Bank of America shares are down 3%, or $1.50, to $47.16 in midday trading.
Don’t Miss TipRanks’ Half-Year Sale
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
- Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on BAC:
- Kuwait Sovereign Fund to sell $3.1B Bank of America stake, Bloomberg says
- Here’s Why Warren Buffett Continues Buying Sirius XM Stock (SIRI)
- Circle initiated, CoreWeave downgraded: Wall Street’s top analyst calls
- HSBC downgrades Bank of America to Hold after recent rally
- Bank of America downgraded to Hold from Buy at HSBC