Bank of America Invests $4.2 Billion in IBM Amid Growing Institutional Interest
Bank of America Corp DE recently acquired a new stake in International Business Machines Corporation (NYSE:IBM) for approximately $4.21 billion. The company purchased 14,988,328 shares of IBM's stock as per its latest Form 13F filing with the Securities & Exchange Commission.
The investment makes Bank of America Corp DE one of the significant shareholders in IBM, owning about 1.59% of the total outstanding shares.
Other institutional investors and hedge funds have also adjusted their positions in IBM during the second quarter. Notably, BlackRock Inc. acquired a new stake worth around $21.59 billion, while State Street Corp increased its position by 1.0% and now owns over 54.9 million shares.
IBM has been actively involved in various partnerships and collaborations, including one with NASA to develop AI technology for lunar exploration. This partnership is seen as a potential long-term growth catalyst for the company.