5 Best Bank Stocks to Buy According to Matthew Lindenbaum’s Basswood Capital

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

Basswood Capital Stake: $55,292,000

Percentage of Basswood Capital’s Portfolio: 3.47%

Number of Hedge Fund Holders: 104

JPMorgan Chase & Co. (NYSE:JPM) is one of the biggest financial corporations in the United States. The company primarily focuses on corporate banking, investment banking, commercial banking, and community banking. Basswood Capital didn’t make any changes to its stake in JPMorgan Chase & Co. (NYSE:JPM) during Q2 2022 and held on to its stake of 491,000 shares of the firm.

On Friday, September 30, 2022, JPM’s execs, in an interview, stated that the company plans on hiring 2,000 engineers through the end of 2022. The continuation of hiring by the bank reflects its strength during a period of slowing economic growth.

Here is what Carillon Tower Advisers had to say about JPMorgan Chase & Co. (NYSE:JPM) in their Q1 2022 investor letter:

More cyclical sectors, including technology and consumer discretionary, were among the weakest, likely due to rising interest rates and inflation. It was encouraging to see the quarter finish on a strong note with the S&P 500 only about 5% away from its all-time highs. Shares of JPMorgan Chase (NYSE:JPM) detracted from performance due to the company’s increased expense guidance, announced in January.

Fisher Asset Management remained the hedge fund with the largest holding of JPMorgan Chase & Co. (NYSE:JPM) stock at the end of Q2 2022, amounting to a value of over $899 million. As per Insider’s Monkey database, 104 hedge funds were long on JPMorgan Chase & Co. (NYSE:JPM) at the end of the June quarter.