Billionaire Rob Citrone Is Selling These 5 Stocks

4. Bank of America Corporation (NYSE:BAC)

Number of Hedge Fund Holders: 99

Bank of America Corporation (NYSE:BAC) is an American multinational investment bank and financial services company. Rob Citrone’s Discovery Capital Management held 224,300 shares of the firm worth $10 million in the fourth quarter of 2021, representing 0.74% of the total 13F portfolio. The hedge fund dumped the entirety of its ​​Bank of America Corporation (NYSE:BAC) position in Q1 2022. 

On July 19, RBC Capital analyst Gerard Cassidy lowered the price target on Bank of America Corporation (NYSE:BAC) to $40 from $45 but kept an Outperform rating on the shares after its Q2 results. Bank of America Corporation (NYSE:BAC)’s diversified business model allows it to navigate uncertain macro times, the analyst told investors. However, the analyst added that the solid net interest revenue growth for Bank of America Corporation (NYSE:BAC) was partly negated by softer investment banking results.

According to Insider Monkey’s data, Bank of America Corporation (NYSE:BAC) was part of 99 hedge fund portfolios at the end of Q1 2022, up from 84 funds in the prior quarter. Warren Buffett’s Berkshire Hathaway is the leading position holder in the company, with more than 1 billion shares worth $41.6 billion. 

Here is what Aristotle Capital Management Global Equity has to say about Bank of America Corporation (NYSE:BAC) in its Q1 2022 investor letter:

“We first invested in Bank of America during the second quarter of 2013. During our near decade as investors, Bank of America closed the chapter on the legacy issues from acquired Countrywide, including mortgage write-downs and substantial legal charges. In addition, it successfully turned the Merrill Lynch franchise into one of the leading U.S. brokerage and advisory firms. Thanks to what we consider to be a strong management team led by CEO Brian Moynihan, the bank went through years of simplification, improved its cost structure and efficiency ratio, and reduced risk. While we believe Bank of America remains a much-improved market leader, we decided to exit our position and use the proceeds to invest in Brookfield Asset Management.”