Per Bloomberg
Bank of America clients pulled out $2.3 billion from the equities market for the second consecutive week
4/12/2023
Clients of Bank of America have pulled out $2.3 billion from the equities market for the second consecutive week. This was for all sizes of US equities.
The news came from Bank of America strategists that were led by Jill Carey Hall. Hall released the information in a note, which didn't specify the reasons behind the withdrawal.
Selling wasn't limited to just institutional clients, it also came from retail and other hedge funds. This also came as the bank's clients pulled $451 million from real-estate stocks, which was considered the largest withdrawal since 2021.
Per Fox Business, it was noted that clients sold both single stocks and ETFs, with ETFs posting their largest outflow since January from small, mid, to large-cap ETFs. Bank of America said it "expects no net contribution to earnings per share" coming from buybacks throughout 2023.
While most US equity markets experienced outflows, communication services and staples were reportedly the only two sectors that saw otherwise. These two sectors experienced an influx in funds.
Per Crypto News, according to BofA strategists Aikesh Shah and Andrew Moss, during the week through April 4, they saw a net $368 million worth of Bitcoin being "transferred to personal wallets," saying this normally happens when the investors are planning on holding assets.
“Investors transfer tokens from exchange wallets to their personal wallets when they intend to hold them (or HODL), indicating a potential decrease in sell pressure,”
In other news, First Republic Bank reportedly suspended dividend payments on preferred stock. This came after the bank received $30 billion to prevent the panic from spreading further.
The biggest deposits came from JPMorgan Chase & Co., Citigroup Inc., Bank of America Corp., and Wells Fargo & Co., all making $5 billion in uninsured deposits each. Goldman Sachs Group Inc. and Morgan Stanley made a $2.5 billion contribution each.
See flow at unusualwhales.com/flow.
Other News:
- Bank of America clients pulled $451 million from real estate stocks amid commercial property concerns
- First Republic Bank, $FRC, has suspended dividend payments on preferred stock
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