10 Best Financial Stocks To Buy According to Hedge Funds

06. Bank of America Corporation (NYSE:BAC)

Number of Hedge Fund Holders: 82

Number six on our list of 10 Best Financial Stocks To Buy According to Hedge Funds is Bank of America Corporation (NYSE:BAC). During Q1, 2024 the count of hedge funds holding positions in Bank of America Corporation (NYSE:BAC) fell to 82 from 96 in the prior quarter, as reported by Insider Monkey’s database encompassing 920 hedge funds. These holdings collectively amount to around $45.59 billion. Warren Buffett’s Berkshire Hathaway emerged as the leading shareholder among these hedge funds during this timeframe. On June 14, Keefe Bruyette analyst David Konrad upgraded Bank of America to “Outperform” from “Market Perform” and raised the price target to $46 from $37.

On June 26, Bank of America Corporation (NYSE:BAC) amended its bylaws during its regular governance review. The Board of Directors approved changes to clarify remote shareholder meeting procedures as per Delaware law and outlined voting requirements for decisions needing more than a majority vote. The amendments also define the process for selecting a presiding chair in the Chair’s absence and revise procedural and disclosure requirements for shareholder proposals and director nominations, including the Board’s role in validating them. These revisions aim to streamline governance and enhance transparency.

Sequoia Fund stated the following regarding Bank of America Corporation (NYSE:BAC) in its fourth quarter 2023 investor letter:

“Exits last year included Netflix, Bank of America Corporation (NYSE:BAC) and Micron. As discussed in our Q1 shareholder letter, we exited our investment in Bank of America soon after making it, as our thesis was quickly undermined by the regional banking crisis and the regulatory developments that it catalyzed. We think both Bank of America and Micron were purchased at conservative prices given the facts at hand, but the facts changed and we moved on.”