5 Best Bank Stocks To Invest In For Long-Term

In this piece, we will take a look at the five best bank stocks to invest in for the long term. If you want a detailed overview of the banking industry and the latest news, then read 13 Best Bank Stocks To Invest In For Long-Term.

5. Truist Financial Corporation (NYSE:TFC)

Number of Hedge Fund Investors In Q4 2023: 59

Truist Financial Corporation (NYSE:TFC) is one of the biggest regional banks on our list with more than fifty thousand employees. February 2024 is a crucial month for the mega regional bank, as it has announced plans for a $12.2 billion sale of its insurance division in order to focus on more banking.

During Q4 2023, 59 out of the 933 hedge funds tracked by Insider Monkey were Truist Financial Corporation (NYSE:TFC)’s investors. Ken Griffin’s Citadel Investment Group was the largest shareholder as it owned 10.8 million shares that are worth $402 million.

4. Wells Fargo & Company (NYSE:WFC)

Number of Hedge Fund Investors In Q4 2023: 72

Wells Fargo & Company (NYSE:WFC) is the well known California based bank that provides investment banking, consumer banking, and other services. It joined other big banks in a cost cutting effort in February 2024 by announcing that more branches will be closed in the U.S. this year.

By the end of last year’s fourth quarter, 72 out of the 933 hedge funds profiled by Insider Monkey had held a stake in the bank. Wells Fargo & Company (NYSE:WFC)’s biggest investor among these is Peter Rathjens, Bruce Clarke, and John Campbell’s  Arrowstreet Capital due to its $1.5 billion investment.

3. Citigroup Inc. (NYSE:C)

Number of Hedge Fund Investors In Q4 2023: 87

Citigroup Inc. (NYSE:C) is another mega American bank. Its CEO is making quite a bit of news this year, after it announced that she will receive a pay package of a whopping $26 million despite the fact that the bank’s profits fell by 38% in 2023.

During December 2023, 87 out of the 933 hedge funds tracked by Insider Monkey’s research were Citigroup Inc. (NYSE:C)’s shareholders. Warren Buffett’s Berkshire Hathaway was the largest stakeholder since it owned $2.8 billion worth of shares.

2. Bank of America Corporation (NYSE:BAC)

Number of Hedge Fund Investors In Q4 2023: 96

Bank of America Corporation (NYSE:BAC) is one of the largest domestic banks in the U.S. It’s been performing well on the financial front as of late by having beaten analyst EPS estimates in all four of its latest quarters. The stock is rated Strong Buy on average, and the average analyst share price target is $35.29.

Insider Monkey’s fourth quarter of 2023 survey covering 933 hedge funds revealed that 96 had held a stake in the bank. The biggest Bank of America Corporation (NYSE:BAC) investor among these is none other than Warren Buffett’s Berkshire Hathaway due to its $34.7 billion investment.

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

Number of Hedge Fund Investors In Q4 2023: 103

JPMorgan Chase & Co. (NYSE:JPM) is the biggest private bank in the world in terms of total assets. These days the bank is facing the heat from customers in the form of a lawsuit that alleges that they were unfairly charged for bounced checks even though the anomalies were not of their own doing.

As of Q4 2023 end, 103 out of the 933 hedge funds covered by Insider Monkey’s database had bought and owned JPMorgan Chase & Co. (NYSE:JPM)’s shares. Ken Fisher’s Fisher Asset Management was the largest shareholder courtesy of its $2 billion stake.

Disclosure: None. You can also take a look at 15 Small-Cap Stocks with High Potential and Best Bail Bond Companies in Each of the 30 Biggest Cities in the US.