10 Most Buzzing Stocks To Buy Now

5. Bank of America Corp. (NYSE:BAC)

Volume: 39.612 million

Average Volume (3-Month): 39.586 million

Number of Hedge Fund Holders: 92

Bank of America Corp. (NYSE:BAC) is an investment bank and financial institution that offers a range of products and services, such as banking, investment management, and risk management solutions to individuals, businesses, and governments. It has around 3,800 retail financial centers and 15,000 ATMs.

It is expecting strong earnings and revenue growth over the coming years due to the switching costs it has created, and lower customer acquisition costs. In Q2 2024, the company generated a revenue of $25.38 billion, recording a year-over-year improvement of 0.71%. Fees grew 6% year-over-year and represented 46% of total revenue. Car and Service charge revenue also grew by 6%.

It was able to add around 278,000 net new consumer checking accounts in the Consumer Banking business. The consumer mobile banking app now serves more than 47 million active users. 23 million consumers are now using Zelle.

87% of global banking clients also are digitally active. This is especially important because in the second quarter, digital sales represented 53% of the total sales.

92 hedge funds are long in the company, as of Q2 2024.

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.”