Here Is What Hedge Funds Think About Bank of America Corp (BAC)

As one would reasonably expect, key money managers were leading the bulls’ herd. Viking Global established the most outsized position in Bank of America Corp (NYSE:BAC), as it had $393 million invested in the company at the end of the third quarter. Zach Schreiber’s Point State Capital also made a $339.4 million investment in the stock during the quarter. The following funds were also among the new BAC investors: Jim Simons’ Renaissance Technologies, Ken Griffin’s Citadel Investment Group, and Robert Pohly’s Samlyn Capital.

Let’s now review hedge fund activity in other stocks – not necessarily in the same industry as Bank of America Corp (NYSE:BAC), but similarly valued. We will take a look at Taiwan Semiconductor Mfg. Co. Ltd. (ADR) (NYSE:TSM), Altria Group Inc (NYSE:MO), UnitedHealth Group Inc. (NYSE:UNH), and Citigroup Inc. (NYSE:C). All of these stocks’ market caps resemble BAC’s market cap.

As you can see these stocks had an average of 55 hedge funds with bullish positions and the average amount invested in these stocks was $3.97 billion. That figure was $7.24 billion in BAC’s case. Citigroup Inc. (NYSE:C) is the most popular stock in this table. On the other hand Taiwan Semiconductor Mfg. Co. Ltd. (ADR) (NYSE:TSM) is the least popular one with only 31 funds holding shares. Compared to these stocks Bank of America Corp (NYSE:BAC) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.