In this article, we discuss the 5 stocks better than Coinbase according to hedge funds. If you want to read our detailed analysis of these stocks, go directly to the 10 Stocks Better than Coinbase (COIN) According to Hedge Funds.
5. Capital One Financial Corporation (NYSE:COF)
Number of Hedge Fund Holders: 64
Capital One Financial Corporation (NYSE:COF) is ranked fifth on our list of 10 stocks better than Coinbase Global, Inc. (NASDAQ:COIN). The firm operates as a financial services holding firm and is headquartered in Virginia.
On October 5, investment advisory Piper Sandler maintained an Overweight rating on Capital One Financial Corporation (NYSE:COF) stock and raised the price target to $188 from $177, underlining that the shares of the firm still had room to climb higher.
Out of the hedge funds being tracked by Insider Monkey, Chicago-based investment firm Harris Associates is a leading shareholder in Capital One Financial Corporation (NYSE:COF) with 6 million shares worth more than $967 million.
In its Q1 2021 investor letter, ClearBridge Investments, an asset management firm, highlighted a few stocks and Capital One Financial Corporation (NYSE:COF) was one of them. Here is what the fund said:
“While reducing in health care and consumer staples, we increased our exposure to high-quality names in economically sensitive areas of the market. In financials, we increased our position in Capital One on the premise that a benign consumer credit environment should be sustainable in light of unprecedented government support.”
4. Global Payments Inc. (NYSE:GPN)
Number of Hedge Fund Holders: 66
Global Payments Inc. (NYSE:GPN) is a Georgia-based payments technology and software solutions provider. It is placed fourth on our list of 10 stocks better than Coinbase Global, Inc. (NASDAQ:COIN).
On September 9, investment advisory BMO Capital reiterated an Outperform rating on Global Payments Inc. (NYSE:GPN) stock and raised the price target to $217 from $206. James Fotheringham, an analyst at the advisory, issued the ratings update.
Out of the hedge funds being tracked by Insider Monkey, Connecticut-based investment firm Lone Pine Capital is a leading shareholder in Global Payments Inc. (NYSE:GPN) with 5.5 million shares worth more than $1 billion.
3. Morgan Stanley (NYSE:MS)
Number of Hedge Fund Holders: 69
Morgan Stanley (NYSE:MS) is a New York-based financial holding company. It is ranked third on our list of 10 stocks better than Coinbase Global, Inc. (NASDAQ:COIN).
On July 16, investment advisory Argus maintained a Buy rating on Morgan Stanley (NYSE:MS) stock and raised the price target to $105 from $93, noting that the shares of the firm were outperforming peers in the finance marketplace.
At the end of the second quarter of 2021, 69 hedge funds in the database of Insider Monkey held stakes worth $5.3 billion in Morgan Stanley (NYSE:MS), down from 79 in the preceding quarter worth $5.2 billion.
In its Q1 2021 investor letter, Artisan Partners Limited Partnership, an asset management firm, highlighted a few stocks and Morgan Stanley (NYSE:MS) was one of them. Here is what the fund said:
“Top three contributor Morgan Stanley, a leading global financial services company, came into the portfolio in Q4 as a result of its purchase of E*TRADE. E*TRADE is a great fit on Morgan Stanley’s wealth management platform and provides a considerable amount of non-interest-bearing deposit funding. James Gorman, chairman and CEO, has steadily de-risked Morgan Stanley’s business by adding less volatile fee streams and deemphasizing the risk-obtuse culture of prior management. We believe the market will come to appreciate this mix shift over time.”
2. Citigroup Inc. (NYSE:C)
Number of Hedge Fund Holders: 87
Citigroup Inc. (NYSE:C) is placed second on our list of 10 stocks better than Coinbase Global, Inc. (NASDAQ:COIN). The company operates as a diversified financial services holding firm and is headquartered in New York.
On July 6, investment advisory Keefe Bruyette assumed coverage of Citigroup Inc. (NYSE:C) stock with an Outperform rating and a price target of $85, noting that the overall environment on large-cap banks was constructive despite short-term volatility.
At the end of the second quarter of 2021, 87 hedge funds in the database of Insider Monkey held stakes worth $6.1 billion in Citigroup Inc. (NYSE:C), down from 90 the preceding quarter worth $6.9 billion.
In its Q1 2021 investor letter, Artisan Partners Limited Partnership, an asset management firm, highlighted a few stocks and Citigroup Inc. (NYSE:C) was one of them. Here is what the fund said:
“We fully exited position in Citigroup. Global financial services company Citigroup made a $900 million clerical error and received a public reprimand from federal regulators. This, after a decade focused on process control, information technology and risk systems, makes the error substantially more costly than just the $900 million mistake. Regulators believe the company’s risk management improvements have fallen short of expectations. To rectify the situation, a process and technology spending surge could negatively affect 2021-2022 profits by 10% to 20%. Trust and confidence are important in large financial institutions, and this incident combined with the CEO’s sudden retirement shook ours.”
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.”
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