10 Best Financial Stocks To Buy According to Hedge Funds

01. JPMorgan Chase & Co. (NYSE:JPM)

Number of Hedge Fund Holders: 112 

Topping our list of 10 Best Financial Stocks To Buy According to Hedge Funds is JPMorgan Chase & Co. (NYSE:JPM). In recent development on June 25, JPMorgan Chase & Co. (NYSE:JPM) has attracted over $15 billion in assets from affluent clients for its growing tax strategy business. This move underscores the bank’s efforts to expand its market presence and compete effectively with rivals such as Goldman Sachs Group Inc. and Morgan Stanley. On June 21, JPMorgan Chase & Co. (NYSE:JPM) revealed its expansion plans in South Florida, highlighting the region’s strategic importance for the bank. It announced the opening of a 13,000-square-foot office in West Palm Beach. This expansion is projected to stimulate approximately $151 million in additional economic activity for South Florida and create around 380 local construction jobs annually during the building phase.

In the first quarter of 2024, the number of hedge funds with positions in JPMorgan Chase & Co. (NYSE:JPM) rose to 112 from 103, according to Insider Monkey’s database, which tracks 920 hedge funds. The combined value of these holdings is approximately $8.41 billion. During this period, Ken Fisher’s Fisher Asset Management became the largest shareholder among these hedge funds.

Carillon Eagle Growth & Income Fund stated the following regarding JPMorgan Chase & Co. (NYSE:JPM) in its first quarter 2024 investor letter:

“JPMorgan Chase & Co. (NYSE:JPM) contributed positively to performance following solid financial results and positive guidance for the remainder of 2024. Moreover, growing chatter around rising capital markets activity likely contributed to the stock’s strong performance relative to other banks. Recall that JPMorgan has a robust capital markets franchise.”

While we acknowledge the potential of JPMorgan Chase & Co. (NYSE:JPM) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than JPMorgan Chase & Co. (NYSE:JPM) but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

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