5 Out of Favor Stocks That Hedge Funds Love

4. Bank of America Corporation (NYSE:BAC)

Two-year performance: -25.9%

Number of Hedge Fund Holders: 91

As of July 7, Betsy Graseck at Morgan Stanley has an Equal Weight rating on Bank of America Corporation (NYSE:BAC) shares, alongside a $33 price target.

Bank of America Corporation (NYSE:BAC) is a diversified banking and financial services company. It is based in Charlotte, North Carolina.

There were 91 hedge funds long Bank of America Corporation (NYSE:BAC) during the first quarter, with a total stake value of $31.7 billion.

Oakmark Funds mentioned Bank of America Corporation (NYSE:BAC) in its second-quarter 2023 investor letter:

“Two financial industry companies led the six-month detractors’ list, however. Charles Schwab and Bank of America Corporation (NYSE:BAC) both reported material mark-to-market unrealized losses in their marketable securities holdings, an outcome of the increase in interest rates early in the year.”

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