5 Best Bank Stocks To Buy For Long-Term

In this article, we will be taking a look at the 5 best bank stocks to buy for long-term. To read our detailed analysis of the banking industry, you can go directly to see the 12 Best Bank Stocks To Buy For Long-Term.

5. Goldman Sachs Group, Inc. (NYSE:GS)

Number of Hedge Fund Holders: 70

Goldman Sachs Group, Inc. (NYSE:GS) is an investment banking and brokerage company. It is based in New York.

A Market Outperform rating and a $450 price target were reiterated on Goldman Sachs Group, Inc. (NYSE:GS) on September 12 by Devin Ryan at JMP Securities.

In total, 70 hedge funds were long Goldman Sachs Group, Inc. (NYSE:GS) in the second quarter, with a total stake value of $3.1 billion.

4. Wells Fargo & Company (NYSE:WFC)

Number of Hedge Fund Holders: 75

Matt O’Connor at Deutsche Bank reiterated a Buy rating and a $44 price target on Wells Fargo & Company (NYSE:WFC)  shares on September 22.

Wells Fargo & Company (NYSE:WFC) is a diversified banking company. It provides banking, investment, mortgage, and consumer and commercial finance products and services.

Wells Fargo & Company (NYSE:WFC) had 75 hedge funds long its stock in the second quarter, with a total stake value of $4.1 billion.

3. Citigroup Inc. (NYSE:C)

Number of Hedge Fund Holders: 75

We saw 75 hedge funds long Citigroup Inc. (NYSE:C) in the second quarter. Their total stake value was $6.8 billion.

Citigroup Inc. (NYSE:C) is a diversified financial services company based in New York. It offers personal banking and wealth management services, among more.

RBC Capital’s Gerard Cassidy maintains an Outperform rating and a $47 price target on Citigroup Inc. (NYSE:C) as of September 20.

2. Bank of America Corporation (NYSE:BAC)

Number of Hedge Fund Holders: 90

Bank of America Corporation (NYSE:BAC) is a provider of banking and financial products and services in the US. It is based in Charlotte, North Carolina.

There were 90 hedge funds long Bank of America Corporation (NYSE:BAC) in the second quarter, with a total stake value of $31.8 billion.

An Outperform rating and a $35 price target were maintained on Bank of America Corporation (NYSE:BAC) on September 12 by Gerard Cassidy at RBC Capital.

Here’s what Diamond Hill Capital said about Bank of America Corporation (NYSE:BAC) in its second-quarter 2023 investor letter:

“Other bottom contributors included SunOpta, Bank of America Corporation (NYSE:BAC) and Texas Instruments. Bank of America (which we added to the portfolio in Q2) is among the US’s largest banks. Shares were pressured during the quarter against a still-challenging backdrop for banks, particularly as investors fret about rising deposit costs and the values of some longer-duration assets in a rising-rates environment.”

1. JPMorgan Chase & Co. (NYSE:JPM)

Number of Hedge Fund Holders: 106

RBC Capital’s Gerard Cassidy reiterated an Outperform rating and a $158 price target on JPMorgan Chase & Co. (NYSE:JPM) shares on September 12.

JPMorgan Chase & Co. (NYSE:JPM) was seen in the portfolios of 106 hedge funds in the second quarter. Their total stake value was $4.4 billion.

JPMorgan Chase & Co. (NYSE:JPM) is a diversified financial services company based in New York. It operates through its Consumer & Community Banking, Corporate & Investment Bank, Commercial Banking, and Asset & Wealth Management segments.

Carillon Tower Advisers mentioned JPMorgan Chase & Co. (NYSE:JPM) in its second-quarter 2023 investor letter:

“Shares of JPMorgan Chase & Co. (NYSE:JPM) contributed to performance as the banking industry stabilized in the aftermath of the March bank liquidity crisis. Capital markets activity now appears to be more benign. During the banking crisis, JPMorgan Chase was seen as a safe haven because of its strong balance sheet. That view helped the firm outperform its smaller peers that faced unprecedented outflows of deposits.”

See also 15 Worst Performing Bank Stocks in 2023 and 10 Oversold Bank Stocks To Buy.