5 Most Undervalued Blue Chip Stocks To Buy According To Hedge Funds

3. Bank of America Corporation (NYSE:BAC)

Number of Hedge Funds Having Stakes in the Company as of Q3 2022: 97

PE Ratio as of January 25: 10.80

Bank of America Corporation (NYSE:BAC) ranks 3rd in our list of the most undervalued blue chip stocks to buy according to hedge funds. Bank of America Corporation (NYSE:BAC) has gained about 2.4% over the past six months. Earlier this month, after Bank of America Corporation (NYSE:BAC) posted its Q4 results, Piper Sandler’s analyst R. Scott Siefers downgraded Bank of America Corporation (NYSE:BAC). The analyst said that the “big emerging pressure” for the bank and other peers in the group is the net interest income “degradation.”

Bank of America Corporation (NYSE:BAC) is one of the most popular bank stocks among the elite hedge funds tracked by Insider Monkey. As of the end of the third quarter of 2022, 97 hedge funds had stakes in Bank of America Corporation (NYSE:BAC), compared to 99 funds in the previous quarter. The total value of these stakes was about $37 billion.