5 Best Falling Stocks to Buy Right Now

3. Bank of America Corporation (NYSE:BAC)

Number of Hedge Fund Holders: 99

Bank of America Corporation (NYSE:BAC) is a banking and financial services provider in America. It provides a wide variety of services such as accounts, deposit certificates, investment accounts, credit and debit cards, and wealth management. It is also one of the oldest banks in the world after being set up in 1784. Bank of America Corporation (NYSE:BAC) is headquartered in Charlotte, North Carolina.

Bank of America Corporation (NYSE:BAC) posted $23 billion in revenue and $0.80 in GAAP EPS during its fiscal first quarter, for a strong set of results that ended up beating analyst estimates for both. Its chief financial officer (CFO) was also optimistic about the economy in June 2022, as he highlighted at a conference that a recession might not take place after all.

RBC Capital reduced its Bank of America Corporation (NYSE:BAC) price target to $45 from $51 in June 2022, highlighting that while the company’s interest income outlook remains positive, the firm’s decision also reflected revised multiples. Insider Monkey’s database of 912 hedge funds that filed 13Fs for the first quarter found that 99 were invested in the bank. Bank of America Corporation (NYSE:BAC)’s largest investor is Warren Buffett’s Berkshire Hathaway, which owns 1 billion shares that are worth $41 billion.