Edgar Wachenheim III’s Greenhaven Associates sold Bank of America stock to allocate more money into Citigroup, whose “quality is much better than its...
One storied value investor recently traded out of one bank in order to increase an investment in another.
We noted that at the end of the second quarter Bank of America was sitting on $105.8 billion of losses on a $614 billion portfolio of mostly agency mortgage securities, and that the losses likely widened in the third quarter as rates rose. Greenhaven bought 2.2 million more Citigroup shares to end September with 13.1 million shares of the bank.
“We estimate that 30%-35% of Citi’s profits come from its ‘payments’ business ,” Wachenheim added. “This is a very good service business that generates fee income and deposits—and Citi is a leader in payments and enjoys an excellent reputation for quality,” Wachenheim added. “Other positives are the new management under Jane Fraser, and the steps the new management is taking to improve the bank,” Wachenheim wrote.
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