In a recent Form 13F filed with the U.S. Securities and Exchange Commission, Charlotte, North Carolina-based diversified financial holding company Bank of America Corp. (NYSE:BAC) disclosed that it trimmed a stake in international cannabis conglomerate Canopy Growth Corp. (NYSE:CGC) (TSX:WEED).
According to Bloomberg, “Bank of America offers saving accounts, deposits, mortgage and construction loans, cash and wealth management, certificates of deposit, investment funds, credit and debit cards, insurance, mobile, and online banking services.”
With an estimated over $962 billion in managed 13F securities in assets under management as of a recent Form ADV, Bank of America Corp.’s recent sale of 109,436 shares of Canopy Growth Corp. (NYSE:CGC) (TSX:WEED) amounts to just a drop in the bucket for the massive financial firm. That being said, it is typically a bearish signal when institutional investors and money managers like Bank of America Corp. are selling off a particular stock.
We’ll continue to monitor 13F filings to see what institutional investors are up to. In the meantime, be sure to subscribe to updates here so you never miss an important update.
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