Banking, finance, and taxes
Activist Jana Unloads Major Financial Stocks (ACE, AET, BAC, CI, LEHMQ, TROW, THG, WFC)
Published:
Last Updated:
Some investors love activist hedge funds. They can correct many anti-shareholder practices or policies. But it seems that the power of activists has been limited in the current economic environment. Jana Partners LLC has exited or lowered stakes in many major financial institutions. The pain in the sector looks like it was too much.
Jana’s filing disclosed that it has eliminated its stakes in Ace Ltd. (NYSE: ACE), Aetna (NYSE: AET), Bank of America Corp. (NYSE: BAC), Cigna (NYSE: CI), Lehman Brothers Holdings Inc. (OTC-LEMHQ), T. Rowe Price Group Inc. (NASDAQ: TROW), The Hanover Insurance Group Inc. (NYSE: THG), and Wells Fargo & Co. (NYSE: WFC).
It is always possible these were just moved over to another entity, although the pain in the sector in Q4 and so far this year probably led even the bravest of the brave to call it a day. And it is possible that this exit did not come by choice.
Jon C. Ogg
February 17, 2009
Essential Tips for Investing (Sponsored)
A financial advisor can help you understand the advantages and disadvantages of investment properties. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Investing in real estate can diversify your portfolio. But expanding your horizons may add additional costs. If you’re an investor looking to minimize expenses, consider checking out online brokerages. They often offer low investment fees, helping you maximize your profit.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
