Bank of America (BofA) disclosed on its latest 13F filing with the SEC that it raised its position in Tesla by 25% in the first quarter.
The firm ended March with a record stake of nearly 24.86 million Tesla shares, making it the eleventh-largest institutional shareholder in the company.
BofA added 4,992,850 shares between January and March, bringing the value of its stake to over $6.4 billion by the end of the quarter.
In the past 30 days, the company’s stock surged 19% — closing at $339 on Friday. The stake is currently valued at about $8.43 billion.
The bank first invested in the company in the second quarter of 2013 and has gradually increased its holdings over time, despite some fluctuations.
In the third quarters of both 2020 and 2022, the number of shares held jumped as Tesla conducted stock splits.
Bank of America also increased its position in Lucid Motors in the first quarter, holding 3,374,175 shares worth $8.16 million by the end of March. In the second quarter of 2023, the firm increased its stake in the Newark-based automaker sevenfold — from 2 million to 17 million shares, a record high.
However, in the following quarter, it sharply reduced its position, bringing its holdings down to between 1 million shares. Since then, its shares in the EV maker remained between 1 to 3 million.
As of March 31, BofA held 10.7 million Rivian shares, after raising its holdings by 57% — it’s a record stake in the Irvine-based automaker.
Regarding Chinese new energy vehicle (NEV) brands, the bank doubled its stake in Nio to 12.6 million shares in the first quarter, worth $48 million. The firm also quadrupled its stake in Zeekr by 39,679 shares, holding over 50,000 by March 31.
Its position in XPeng was also raised by 62.9% to 4,708,204 shares, while in Geely-backed Polestar the holdings were cut by over 50%. In the end of the first quarter, the bank held under 1 million shares in the EV maker.
As of Wednesday, Tesla is owned by over 4,100 institutional shareholders who collectively hold nearly 1.76 billion shares.
According to Nasdaq, Vanguard is the largest institution with about 246.89 million shares, followed by BlackRock, which has been increasing its stake in the EV maker for 23 consecutive quarters. State Street Corp is the third largest, with 113.73 million.
Barclays raised its position in Tesla by 40% during the first quarter, according to its latest 13F filing with the SEC. JP Morgan Chase also disclosed that its stake in Tesla went up by 9.5% to 39,415,548 shares.
Nuveen opened a position in the company with over 12.53 million shares in the first quarter, jumping to its top 30 largest institutional investors, while Norges Bank, which was in the top 10, exited its position, selling the 35 million shares it held.
