Activist Jana Unloads Major Financial Stocks (ACE, AET, BAC, CI, LEHMQ, TROW, THG, WFC)

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