5 Most Promising Fintech Stocks To Buy

4. Bank of America Corporation (NYSE:BAC)

Upside Potential as of February 22: 16.98%

Average Price Target: $40.17

Number of Hedge Fund Holders: 100

Bank of America Corporation (NYSE:BAC) is a diversified banking company. It has launched several digital financial solutions for its clients to consolidate funds and make digital payments to their customers.

Citigroup analyst Keith Horowitz holds a Neutral rating on Bank of America Corporation (NYSE:BAC) shares as of January 17.

Bank of America Corporation (NYSE:BAC) has a P/E ratio of 9.9, which is relatively low for a banking stock. The company has been working to diversify its loan mix over the past few years, which has reduced its overall credit risk as well. Since 2009, the bank has reduced its consumer loans to 44% in 2022. It has also increased commercial loans to 56% over the same period. These measures are enabling to company to perform well in 2023.

Out of the 943 hedge funds tracked by Insider Monkey in the fourth quarter, 100 funds were long Bank of America Corporation (NYSE:BAC). Their total stake value was $37.6 billion.