5 Best Very Cheap Stocks To Buy Now According To Hedge Funds

1. Bank of America Corporation (NYSE:BAC)

Number of Hedge Fund Holders: 88

PE Ratio: 8.30

Bank of America Corporation (NYSE:BAC) is one of the largest bank and financial holding companies in the U.S. The company serves approximately 69 million consumer and small business clients and 57 million verified digital users through retail financial centers, ATMs, and digital banking.

According to Insider Monkey’s database that tracks 910 elite hedge funds, 88 funds had investments in Bank of America Corporation (NYSE:BAC)’s stock in the third quarter. Warren Buffett’s Berkshire Hathaway was the biggest shareholder in the company, with approximately 1.033 billion shares worth nearly $28.28 billion, representing 9.02% of the fund’s portfolio.

On November 6, Keefe Bruyette upgraded the rating on Bank of America Corporation (NYSE:BAC)’s stock to Market Perform from Underperform and raised the price target to $30 from $29, citing the bank’s improved productivity report and weak jobs report.

Diamond Hill Capital commented on Bank of America Corporation (NYSE:BAC) in its second-quarter 2023 investor letter. Here is what it said:

“Other bottom contributors included SunOpta, Bank of America Corporation (NYSE:BAC) and Texas Instruments. Bank of America (which we added to the portfolio in Q2) is among the US’s largest banks. Shares were pressured during the quarter against a still-challenging backdrop for banks, particularly as investors fret about rising deposit costs and the values of some longer-duration assets in a rising-rates environment.”

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