5 Best Bank Stocks To Buy Now

3. Bank of America Corporation (NYSE:BAC)

Number of Hedge Fund Holders: 87

Bank of America Corporation (NYSE:BAC) is a multinational bank and financial services holding company based in North Carolina. Ranked third on our list of the 15 best bank stocks to buy now, Bank of America Corporation (NYSE:BAC) has a market capitalization of $371.14 billion.

On October 11, Jefferies analyst Ken Usdin raised his price target on Bank of America Corporation (NYSE:BAC) to $48 from $41, and kept a Hold rating on the shares.

In the second quarter of 2021, Bank of America Corporation (NYSE: BAC) reported an EPS of $1.03, beating estimates by $0.27. The company’s revenue in the second quarter came in at $21.5 billion. Shares for the company surged by 7.01% this week, likely due to the FED meeting, with interest rate expectations rising.

At the end of the second 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.”