5 Best Warren Buffett Stocks to Buy Now

2. Bank of America Corporation (NYSE: BAC)

Number of Hedge Fund Holders: 97

Bank of America Corporation (NYSE: BAC) is an American multinational bank – one of the Big Four banks in the United States. Its operations span from retail banking to wealth management. It is ranked second on our list of 15 best Warren Buffett stocks to buy now. The stock has returned 57.49% to investors over the course of the past year.

On July 14, Bank of America Corporation (NYSE: BAC) posted earnings for the second quarter of 2021, reporting earnings per share of $1.03, beating estimates by $0.27. The revenue over the period was around $21.47 billion, down 4.40% year-over-year.

At the end of the first quarter of 2021, 97 hedge funds in the database of Insider Monkey held stakes worth $45.32 billion in Bank of America Corporation (NYSE: BAC). Out of the hedge funds being tracked by Insider Monkey, Warren Buffett’s Berkshire Hathaway has the most valuable position in Bank of America Corporation (NYSE: BAC) as of the end of the first quarter of 2021, worth close to $39.08 billion, comprising 14.45% of its total 13F portfolio. 

In its Q1 2021 investor letter, ClearBridge Investments, an investment management firm, mentioned Bank of America Corporation (NYSE: BAC). Here is what the firm had to say:

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.