In this article, we discuss 5 finance stocks that billionaire David Harding is buying. If you want to see more of his top finance picks, click Billionaire David Harding is Buying These 10 Finance Stocks.
5. Bank of America Corporation (NYSE:BAC)
Winton Capital Management’s Stake Value: $4,440,000
Percentage of Winton Capital Management’s 13F Portfolio: 0.26%
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. 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. The company previously announced that it would redeem $1.5 billion of its floating rate senior notes due April 2023 and $1.25 billion of its 2.881% fixed/floating rate senior notes due April 2023 on April 24, 2022.
In the fourth quarter of 2021, Winton Capital Management owned 99,806 Bank of America Corporation (NYSE:BAC) shares, worth $4.44 million, representing 0.26% of the hedge fund’s total 13F holdings.
On April 5, Piper Sandler analyst Jeffery Harte slashed the price target on Bank of America Corporation (NYSE:BAC) to $51 from $57 and kept an Overweight rating on the shares. The analyst lowered earnings estimates for the universal banks ahead of the Q1 reports to account for revenue headwinds in the capital markets amid an increasingly uncertain macro environment.
Among the hedge funds tracked by Insider Monkey, 84 funds were bullish on Bank of America Corporation (NYSE:BAC) at the end of Q4, compared to 72 funds in the prior quarter. Warren Buffett’s Berkshire Hathaway is the leading stakeholder of the company, with more than 1 billion shares worth close to $45 billion.
Here is what ClearBridge Investments has to say about Bank of America Corporation (NYSE:BAC) in its Q1 2021 investor letter:
“Higher long-term interest rates supported financials such as Bank of America, which has shown both defensive and offensive characteristics in the past year. We believe it continues to be the least risky large bank from a credit standpoint, with conservative underwriting and controlled risk taking, a leading consumer deposit franchise, scale and technology. It is also a leader in its commitments to sustainability, or as it terms it, responsible growth. Disclosure and reporting at all levels form a large part of this commitment, including gender diversity and equality, environmental commitments and support of communities in which it operates. In the first quarter Bank of America announced it is setting a goal of net-zero greenhouse gas (GHG) emissions in its supply chain and operations, and notably also in its financing activities, before 2050.”
