Bank of America Corp (BAC) More Than Doubles Quarterly Profit In Q2 Beat

How have hedgies been trading Bank of America Corp (NYSE:BAC)?

When looking at the hedgies followed by Insider Monkey, Bruce Berkowitz‘s Fairholme (FAIRX) had the biggest position in Bank of America Corp (NYSE:BAC), owning 76.75 million shares worth close to $1.18 billion, amounting to 22.1% of its total 13F portfolio. The second-most bullish hedge fund manager was Fisher Asset Management, led by Ken Fisher, holding a $647.5 million position in 42.07 million shares; 1.3% of its 13F portfolio was allocated to the company. Remaining hedge funds that are bullish comprise Richard S. Pzena’s Pzena Investment Management, Phill Gross and Robert Atchinson’s Adage Capital Management, and Israel Englander’s Millennium Management.

Ivory Capital (Investment Mgmt), led by Curtis Macnguyen, led the bulls’ herd as it initiated the most valuable position in Bank of America Corp (NYSE:BAC) in the first quarter. Ivory Capital (Investment Mgmt) had $107.4 million invested in the company at the end of the quarter, buying nearly 7.0 million shares. On the flip side, leading the bears’ herd was Donald Yacktman of Yacktman Asset Management, who sold 5.67 million shares of Bank of America worth about $101.35 million.

Due to the solid quarter and continuing support of the smart money, albeit with them slightly bearish to start the year, Bank of America Corp (NYSE:BAC) appears to be a good bet at the moment.

Disclosure: None