5 Best Affordable Stocks To Buy Now

1. Bank of America Corporation (NYSE:BAC)

Share Price as of December 17: $31.70

Number of Hedge Fund Holders: 97

The Bank of America Corporation (NYSE:BAC) is an American multinational investment bank and financial services holding company headquartered at the Bank of America Corporate Center in Charlotte, North Carolina.

Earlier this November, JPMorgan analyst Vivek Juneja raised the price target on Bank of America Corporation (NYSE:BAC) to $39 from $35.50 and maintained an Overweight rating on the shares. According to the analyst, the large cap banks are currently seeing some decent benefit in their revenues from higher rates and benign credit quality, while some impact from recession had already been priced into the shares. Juneja expects bank stocks “should continue to benefit from rotation away from other sectors seeing more headwinds.”

As of the close of Q3 2022, 97 hedge funds tracked by Insider Monkey owned investments in Bank of America Corporation (NYSE:BAC), worth over $35.6 billion collectively. Berkshire Hathaway was the company’s leading stakeholder in Q3.

Ariel Investment commented on Bank of America Corporation (NYSE:BAC) in a Q3 2022 investor letter,

We initiated three new positions in the quarter. We added leading financial institution Bank of America Corporation (NYSE:BAC) which serves individual consumers, small and middle-market businesses, and large corporations with a full range of banking, investing, asset management, and other financial and risk management products and services. The current company was formed through various mergers including NationsBank, FleetBoston, US Trust, Countrywide Financial, and Merrill Lynch with the legacy commercial bank to form a national banking powerhouse and bulge bracket investment firm. As one of the ‘Big Four’ U.S. banks it enjoys scale driven cost advantages and economies of scale which provide meaningful competitive advantages and potential for strong returns in the largely commoditized banking industry. A survivor of the financial crisis, BAC has emerged with a solid capital base and stands to benefit from a rising interest rate environment.

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