Banking & Finance

Paulson, Esteemed Bank Short Seller, Now Long Financials (BAC, COF, GS, JPM, FITB, FHN, MI, PBCT, SKF, RF, STT, STI)

Douglas A. McIntyre

John Paulson has been well known as a hedge fund manager because of the profits he made from short selling many of the key financial stocks.  Yet his new filing shows a large long position as of the quarter-end June 30, 2009. For example, it lists a huge stake in Bank of America Corp. (NYSE: BAC).  There were many smaller company stakes, but some of the medium-sized stakes (for Paulson that is) are in Capital One Financial Corp. (NYSE: COF), Goldman Sachs Group Inc. (NYSE: GS), and JPMorgan Chase & Co. (NYSE: JPM).  Below are the rest of his financial holdings:

  • Bank of America (NYSE: BAC) was listed as some $2.217474 billion stake via 167,990,464 shares.
  • Capital One Financial Corp. (NYSE: COF) was listed as $371.960 million via a stake of 17,000,000 shares of common stock.
  • Fifth Third Bancorp (NASDAQ: FITB) was listed as $35.5 million via a 5,000,000 share stake.
  • First Horizon National Corp. (NYSE: FHN) was listed as $36 million via stake of 3,000,000 shares of common stock.
  • Goldman Sachs Group Inc. (NYSE: GS) was listed as $294.88 million via a stake of some 2,000,000 shares of common stock.
  • JPMorgan Chase & Co. (NYSE: JPM) was listed as $238.77 million via a stake of 7,000,000 shares of common stock.
  • Marshall & Ilsley Corp. (NYSE: MI) was listed as $57.6 million via a stake of 12,000,000 shares of common stock.
  • People’s United Financial Inc. (NASDAQ: PBCT) was listed as $41.443 million via stake of 2,750,000 shares of common stock.
  • Ultrashort Financial ProShars (NYSE: SKF) was listed as $83.58 million via some 2,000,000 shares.
  • Regions Financial Corp. (NYSE: RF) was listed as $141.4 million via a stake of 35,000,000 shares of common stock.
  • State Street Corp. (NYSE: STT) was listed as $33.04 million via a stake of 700,000 shares of common stock.
  • Suntrust Bank Inc. (NYSE: STI) was listed as $24.675 million via a stake of 1,500,000 shares of common stock.

The FULL SEC FILING is here, and there are many non-financial stocks in there.

JON C. OGG
AUGUST 12, 2009