5 Best Diversified Bank Stocks to Invest In

2. Bank of America Corporation (NYSE:BAC)

Number of Hedge Fund Holders: 96      

Bank of America Corporation (NYSE:BAC) provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments. On January 30, investment advisory Oppenheimer maintained an Outperform rating on Bank of America Corporation (NYSE:BAC) stock and raised the price target to $50 from $49. 

Among the hedge funds being tracked by Insider Monkey, Omaha, Nebraska-based investment firm Berkshire Hathaway is a leading shareholder in Bank of America Corporation (NYSE:BAC) with 1 billion shares worth more than $34 billion. 

In its Q4 2023 investor letter, Diamond Hill Capital, 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:

“Among our top individual contributors in Q4 were KKR and Bank of America Corporation (NYSE:BAC). Banking and financial services company Bank of America rallied alongside large-cap banks broadly in Q4 as the market focused less on interest-rate risks amid the Fed’s announcement it was likely done raising interest rates. Banks also likely generally benefited from a relief rally following three-plus quarters of negative sentiment to start the year. Industry trends aside, however, we maintain our conviction in Bank of America’s position given its diversified, low-cost deposit base, which we believe remains less susceptible to flight.”