5 Best Value Stocks To Buy According To Warren Buffett

2. Bank of America Corporation (NYSE:BAC)

Berkshire Hathaway Stake: $31,444,432,000          

Percentage of Berkshire Hathaway’s Portfolio: 10.47%     

Number of Hedge Fund Holders: 99

Bank of America Corporation (NYSE:BAC) is a leading global wealth management company serving a consumer base of approximately 67 million consumer and small business relationships in the U.S. It offers a complete range of banking and is the 2nd largest bank in the U.S, holding $1.4 trillion in consumer deposits and 55 million verified digital users. Warren Buffett did not make any changes to his holding of Bank of America Corporation (NYSE:BAC) stock during Q2 2022. The bank’s stock comprised 10.47% of the fund’s portfolio at the end of the quarter.

The bank had a good Q3 2022 and recently announced its Q3 2022 results posting revenue of $24.5 billion, beating market estimates by $1.04 billion. Bank of America Corporation (NYSE:BAC) posted a normalized EPS for the quarter of $0.81, beating market consensus estimates by $0.03.

As per Insider’s Monkey database, 99 hedge funds had stakes in Bank of America Corporation (NYSE:BAC) at the end of the June quarter. Berkshire Hathaway was the most bullish fund on the company’s stock, with a total holding of 1,010,100,606 company stocks at the end of Q2 2022.

Here’s what ClearBridge Investments said about Bank of America Corporation (NYSE:BAC) in its Q2 2022 investor letter:

In the second quarter we made a sizable add to our position in Bank of America (NYSE:BAC) as our bank holdings have significant leverage to rising interest rates. The Fed, unfortunately, was late to realize inflation’s magnitude, maintaining for far too long that inflationary pressures were merely transitory. This mistake caused inflation to accelerate, necessitating a larger intervention than if the Fed had moved sooner.