5 Best Long-Term Stocks To Buy According To Warren Buffett

2. Bank of America Corporation (NYSE:BAC)

Number of Hedge Fund Holders: 97

Berkshire’s Holding Period: 5 Years

Berkshire’s Stake Value: $33,454,532,071

Bank of America Corporation (NYSE:BAC) provides banking and financial products to individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. Bank of America Corporation (NYSE:BAC) has featured in the Berkshire portfolio for the last 5 years. In Q4 2022, Buffett owned more than 1 billion shares of the company worth $33.45 billion. 

On February 1, Bank of America Corporation (NYSE:BAC) declared a quarterly dividend of $0.22 per share, in line with previous. The dividend is payable on March 31, to shareholders of record on March 3. 

Keefe Bruyette analyst David Konrad on February 8 downgraded Bank of America Corporation (NYSE:BAC) to Underperform from Market Perform with a price target of $33, down from $35.

According to Insider Monkey’s Q3 data, 97 hedge funds were long Bank of America Corporation (NYSE:BAC), compared to 99 funds in the prior quarter. Harris Associates is a significant position holder in the company, with 41.8 million shares worth $1.26 billion. 

Ariel Investment made the following comment about Bank of America Corporation (NYSE:BAC) in its 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.”