12 Best Warren Buffett Stock Picks For Beginners

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5. Bank of America Corporation (NYSE:BAC)

Number of Hedge Fund Holders: 112

Berkshire Hathaway’s Stake Value: $29,896,266,149

Bank of America Corporation (NYSE:BAC) provides financial products and services to individuals, businesses, investors, and governments. It operates across four key segments – Consumer Banking, Global Wealth & Investment Management, Global Banking, and Global Markets. BAC is one of the top holdings of Berkshire, with the hedge fund owning a stake worth nearly $30 billion.

On April 16, RBC Capital Markets maintained an Outperform rating on Bank of America Corporation (NYSE:BAC) but cut the price target to $45 from $50. RBC Capital revised its outlook for Bank of America, adopting a cautious stance due to economic uncertainties but maintaining confidence in the bank’s strong fundamentals. Despite a 10% stock decline, the bank’s diversified model, deposit growth, and low-cost deposit base are expected to drive long-term earnings.

Bank of America Corporation (NYSE:BAC) on April 23 announced a quarterly dividend of $0.26 per share. The dividend is payable on June 27, to shareholders listed by June 6. Additionally, a dividend of $1.75 per share on its 7% Cumulative Redeemable Preferred Stock (Series B) will be paid on July 25, to shareholders on record as of July 11.

According to Insider Monkey’s fourth quarter database, 112 hedge funds held long positions in Bank of America Corporation (NYSE:BAC), compared to 98 funds in the preceding quarter. Ken Fisher’s Fisher Asset Management was among the largest stakeholders of the company, with 46.8 million shares valued at $2 billion.

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