5 Best Value Stocks to Buy Now

2. Bank of America Corp. (NYSE:BAC)

Number of Hedge Fund Holders: 99

PE Ratio (As of September 22): 10.65

Headquartered in North Carolina, the Bank of America Corp. (NYSE:BAC) is an American multinational investment bank and financial services holding company. As of the second quarter of 2022, investor interest in Bank of America Corp. (NYSE:BAC) has remained the same, with 99 hedge funds long the stock in both Q1 and Q2 2022. On July 19, RBC Capital analyst Gerard Cassidy lowered the price target on Bank of America Corp. (NYSE:BAC) to $40 from $45, maintaining an Outperform rating on the shares after its Q2 results. According to the analyst, the company’s diversified business model continues to demonstrate its ability to navigate through uncertain times.

Here is what ClearBridge Investments had to say about Bank of America Corp. (NYSE:BAC) in their 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.”