5 Finance Stocks to Buy Today According to Billionaire Israel Englander

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In this article, we discuss 5 finance stocks to buy today according to billionaire Israel Englander. If you want to see more of his top finance picks, click 10 Finance Stocks to Buy Today According to Billionaire Israel Englander.

5. Bank of America Corporation (NYSE:BAC)

Number of Hedge Fund Holders: 84

Bank of America Corporation (NYSE:BAC)  is an American multinational investment bank and financial services holding company based in Charlotte, North Carolina. Israel Englander’s Millennium Management increased his Bank of America Corporation (NYSE:BAC) stake by 64% in the fourth quarter of 2021, holding more than 4 million shares worth $178 million. 

Bank of America Corporation (NYSE:BAC) announced its financial results for the first quarter of 2022, reporting earnings per share of $0.80, exceeding analysts’ consensus estimates by $0.06. The $23.23 billion revenue for the period also surpassed market expectations by $135.77 million. On April 12, Bank of America Corporation (NYSE:BAC) announced that it will redeem on May 4 all €1.5 billion of its floating rate senior notes, due May 4, 2023. 

Citi analyst Keith Horowitz maintained a Buy rating on Bank of America Corporation (NYSE:BAC) and reiterated a $47 price target on April 18. He noted that the company’s solid Q1 results were not a surprise. Bank of America Corporation (NYSE:BAC)’s reported earnings slightly exceeded expectations, primarily due to lower credit costs/reserve release and its CET1 ratio declined only 20 basis points, which is much lower than peers, the analyst told investors in a bullish thesis. 

Among the hedge funds tracked by Insider Monkey, 84 funds were bullish on Bank of America Corporation (NYSE:BAC) at the end of December 2021, up from 72 funds in the prior quarter. Warren Buffett’s Berkshire Hathaway is the largest stakeholder of the company, with a position worth approximately $45 billion. 

Here is what ClearBridge Investments Large Cap Value Strategy has to say about Bank of America Corporation (NYSE:BAC) in its Q4 2021 investor letter:

“Our energy and financials holdings kept pace in the 2021 rally.  In financials, Bank of America benefited from strong economic growth, a rise in Treasury yields, and a benign credit environment.”

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