5 Stocks Better than Coinbase According to Hedge Funds

1. Bank of America Corporation (NYSE:BAC)

Number of Hedge Fund Holders: 87    

Bank of America Corporation (NYSE:BAC) is ranked first on our list of 10 stocks better than Coinbase Global, Inc. (NASDAQ:COIN). The firm provides banking and financial products. It operates from North Carolina. 

On September 13, investment advisory Odeon Capital upgraded Bank of America Corporation (NYSE:BAC) stock to Buy from Hold with a price target of $46.50, underlining the “sweeping restructuring of management” at the firm as a growth catalyst. 

At the end of the first quarter of 2021, 87 hedge funds in the database of Insider Monkey held stakes worth $46 billion in Bank of America Corporation (NYSE:BAC), down from 97 in the previous quarter worth $45 billion.

In its Q1 2021 investor letter, ClearBridge Investments, an asset management firm, highlighted a few stocks and Bank of America Corporation (NYSE:BAC) was one of them. Here is what the fund said:

“Higher long-term interest rates supported financials such as Bank of America, which has shown both defensive and offensive characteristics in the past year. We believe it continues to be the least risky large bank from a credit standpoint, with conservative underwriting and controlled risk taking, a leading consumer deposit franchise, scale and technology. It is also a leader in its commitments to sustainability, or as it terms it, responsible growth. Disclosure and reporting at all levels form a large part of this commitment, including gender diversity and equality, environmental commitments and support of communities in which it operates. In the first quarter Bank of America announced it is setting a goal of net-zero greenhouse gas (GHG) emissions in its supply chain and operations, and notably also in its financing activities, before 2050.”

You can also take a peek at 10 Best Medical Stocks Under $10 and 15 Best Warren Buffett Stocks to Buy Now.

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