10 Best Holding Company Stocks To Buy Now

4. Bank of America Corporation (NYSE:BAC)

Number of Hedge Fund Holders: 92

Bank of America Corporation (NYSE:BAC) is a financial services company that ranks fourth on our list of the best holding company stocks to buy now. The company provides investment and wealth management services to individuals, institutions, small to medium-sized businesses, large corporations, and the government through its subsidiaries such as Merrill, BofA Securities, and Bank of America Private Bank.

In the second quarter of 2024, Bank of America Corporation (NYSE:BAC) added another 278,000 net new checking accounts, bringing its fiscal half-year 2024 total to 500,000. As for the wealth management segment, the company maintained 6,100 new relationships and added thousands of small businesses in its commercial business sector. Bank of America now manages $5.7 trillion in client balances, loans, deposits, and investments in its consumer and wealth management segments.

The company is also among the top credit card issuers in the United States and ownsone of the most solid retail networks. Bank of America Corporation (NYSE:BAC) is a dominant player and we say that because of its 69-million-individual customer base, 3,800 retail locations, and 15,000 ATMs across the United States.

Analysts are also bullish on BAC and their 12-month median price target of $45.5 points to a 15% upside from current levels. In Q2 2024, there were 92 hedge funds that held positions in the stock with total stakes amounting to $48.1 billion. As of June 30, Berkshire Hathaway was the largest shareholder with a position worth $41.1 billion.

ClearBridge Investments’ ClearBridge Value Equity Strategy stated the following regarding Bank of America Corporation (NYSE:BAC) in its first quarter 2024 investor letter:

“We added several new positions during the quarter. Our largest new addition was Bank of America Corporation (NYSE:BAC), one of the world’s leading financial institutions, serving some 66 million consumer and small business clients across the U.S. as well as large corporations, financial institutions and governments globally. We believe that the interest rate pressure that Bank of America faced in early 2023 has subsided, and risks surrounding deposit outflows have abated, which should allow the company to improve its book value and capital growth as well as benefit from a rebound of capital markets activity.”