Warren Buffett and Hedge Funds Are Crazy About These 10 Stocks

6. Bank of America Corporation (NYSE:BAC)

Berkshire Hathaway’s Q1 Stake Value: $39.17 Billion

Number of Hedge Fund Investors: 82

Bank of America Corporation (NYSE:BAC) is Berkshire Hathaway’s largest holding in the financial services sector, with stakes worth $39.2 billion. It is also one of the top stocks that Warren Buffett and hedge funds are crazy about, having gained about 40% over the past 12 months.

An analysis of the Insider Monkey database indicates that 82 hedge funds held stakes in Bank of America Corporation (NYSE:BAC) as of the end of the first quarter, down from 96 in the previous quarter.

Analysts at ClearBridge Value Equity Strategy believe the pressures Bank of America Corporation (NYSE:BAC) faced last year have subsided, and it is well-positioned to deliver impressive results in 2024. Here is what ClearBridge Value Equity Strategy said about Bank of America Corporation (NYSE:BAC) in its first quarter 2024 investor letter:

“We added several new positions during the quarter. Our largest new addition was Bank of America Corporation (NYSE:BAC), one of the world’s leading financial institutions, serving some 66 million consumer and small business clients across the U.S. as well as large corporations, financial institutions and governments globally. We believe that the interest rate pressure that Bank of America faced in early 2023 has subsided, and risks surrounding deposit outflows have abated, which should allow the company to improve its book value and capital growth as well as benefit from a rebound of capital markets activity.”