Bank of America Corp (NYSE: BAC) this week disclosed a new position in Churchill Capital Corp (NYSE:CCIV) adding to their already big stake in CCIV stock at a time when the rumor surrounding the Lucid merger is the only fuel lifting the shares up.
A Securities and Exchange Commission filing showed BofA bought 213,000 shares of the special acquisition company in the quarter ending December 31st. That increased BofA’s stake in CCIV by 201% .
Reports show the average purchase price being $9.89 per share. According to a recent breakdown of the shareholding, Bank of America is actually one of the smaller insitutional owners. The biggest CCIV owner, which recently held 5,996,568 shares, is Sculptor Capital LP followed by Weiss Asset management LP which owns 5,377,245 shares of CCIV.
BofA’s equity offensive comes in the wake of a surge in CCIV share prices thanks to bullish analyst predictions.