10 Most Promising Long-Term Stocks According to Hedge Funds

8. Bank of America Corporation (NYSE:BAC)

Number of Hedge Fund Holders: 92

Analyst Upside as of October 13, 2024: 10%

Bank of America Corporation (NYSE:BAC) is a financial services company that provides investment and wealth management services to individuals, institutions, small to medium-sized businesses, large corporations, and the government. Some of its subsidiaries include Merrill, BofA Securities, and Bank of America Private Bank.

The company is a leading credit card issuer in the United States that has a strong retail network. The company has over 3,800 retail locations and 15,000 ATMs across the United States servicing a large clientele of 69 million individual customers. Bank of America now manages $5.7 trillion in client balances, loans, deposits, and investments in its consumer and wealth management segments.

During the second quarter of 2024, Bank of America Corporation (NYSE:BAC) added another 278,000 checking accounts to its system, bringing the fiscal half-year 2024 total to 500,000. Its expansion trajectory is ever-growing. By the end of 2026, BofA is set to open an additional 165 financial centers, and 40 by the end of this year.

Bank of America Corporation (NYSE:BAC) is one of the best long-term stocks according to hedge funds and we say that because of its strong ecosystem that is deeply integrated into the lives of individual customers and institutions alike. According to the Insider Monkey database, at the end of Q2, 92 hedge funds were bullish on the stock.

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.”