5 Best Bank Stocks to Buy Now According to Hedge Funds

In this piece, we will take a look at the five best bank stocks to buy now according to hedge funds. For more bank stocks, head on over to 15 Best Bank Stocks to Buy Now According to Hedge Funds.

5. The Charles Schwab Corporation (NYSE:SCHW)

Number of Hedge Fund Holders In Q4 2022: 74

The Charles Schwab Corporation (NYSE:SCHW) is a savings and loan company headquartered in Westlake, Texas. It provides checking accounts, savings accounts, mortgages, asset lines, and other products and services.

By the end of last year’s fourth quarter, 74 of the 943 hedge funds polled by Insider Monkey had bought The Charles Schwab Corporation (NYSE:SCHW)’s shares. Investment bank JPMorgan assuaged concerns that the bank was facing liquidity problems in March 2023, when it stated in a note that Schwab has adequate liquidity for cash sorting operations.

4. Citigroup Inc. (NYSE:C)

Number of Hedge Fund Holders In Q4 2022: 81

Citigroup Inc. (NYSE:C) is an American bank that is headquartered in New York, New York. The bank offers mortgages, lending, equity research, private banking, cash management, and other services.

Insider Monkey’s Q4 2022 survey covering 943 hedge funds outlined that 81 had held a stake in Citigroup Inc. (NYSE:C). The bank’s largest investor in our database is Warren Buffett’s Berkshire Hathaway which owns 55 million shares that are worth $2.4 billion.

3. Wells Fargo & Company (NYSE:WFC)

Number of Hedge Fund Holders In Q4 2022: 87

Wells Fargo & Company (NYSE:WFC) is a diversified bank headquartered in San Francisco, California. It provides consumer banking services, commercial banking products, investment banking, wealth management, and other financial services.

Insider Monkey dug through 943 hedge fund portfolios for last year’s fourth quarter and found out that 87 had invested in the bank. Boykin Curry’s Eagle Capital Management is Wells Fargo & Company (NYSE:WFC)’s largest investor since it owns 27 million shares that are worth $1.1 billion.

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

Number of Hedge Fund Holders In Q4 2022: 100

JPMorgan Chase & Co. (NYSE:JPM) is the biggest private bank in the world in terms of its total asset base. The bank provides financial products and services to private individuals, companies, financial institutions, high net worth individuals, and governments. It is headquartered in New York, New York, and was set up in 1799.

100 of the 943 hedge funds part of Insider Monkey’s Q4 2022 database had bought JPMorgan Chase & Co. (NYSE:JPM)’s shares. The bank’s largest investor in our database is Ken Fisher’s Fisher Asset Management which owns 8.1 million shares that are worth $1 billion.

1. Bank of America Corporation (NYSE:BAC)

Number of Hedge Fund Holders In Q4 2022: 100

Bank of America Corporation (NYSE:BAC) is another large bank, which is headquartered in Charlotte, North Carolina. It generates the bulk of its revenue from within the U.S., with consumer banking being its largest division.

As of December 2022, 100 of the 943 hedge funds surveyed by Insider Monkey had held a stake in the bank. Bank of America Corporation (NYSE:BAC)’s largest shareholder is Warren Buffett’s Berkshire Hathaway Bank of America Corporation (NYSE:BAC) which owns 1 billion shares that are worth $33 billion.

Disclosure: None. You can also take a look at 15 Best Small Cap Stocks Ready to Explode and 12 Dividend Giants with Lowest Short Interest.

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