Here’s Why Bank of America Corporation (BAC) Shares Declined in the Second Quarter

Diamond Hill Capital Management, an investment advisor, released its “Large Cap Strategy” second quarter 2022 investor letter. A copy of the same can be downloaded here. Despite a challenging second quarter, the fund outperformed the Russell 1000 Index. Favorable stock selection in the technology and consumer discretionary sectors contributed positively to the fund’s performance in the quarter. In addition, you can check the top 5 holdings of the fund to know its best choices in 2022.

Diamond Hill Capital Management discussed stocks like Bank of America Corporation (NYSE:BAC) in the second quarter 2022 investor letter. Based in Charlotte, North Carolina, Bank of America Corporation (NYSE:BAC) is a banking and financial services company. On October 3, 2022, Bank of America Corporation (NYSE:BAC) stock closed at $31.09 per share. One-month return of Bank of America Corporation (NYSE:BAC) was -7.00%, and its shares lost 28.26% of their value over the last 52 weeks. Bank of America Corporation (NYSE:BAC) has a market capitalization of $249.816 billion.

Here is what Diamond Hill Capital Management specifically said about Bank of America Corporation (NYSE:BAC) in its Q2 2022 investor letter:

“Bank of America Corporation (NYSE:BAC) shares were weak in Q2 as the market became increasingly focused on the possibility of a near-term recession and the potential for credit losses along with current fee revenue pressures.”

Baseball bank of America BAC

Bank of America Corporation (NYSE:BAC) is in 15th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 99 hedge fund portfolios held Bank of America Corporation (NYSE:BAC) at the end of the second quarter which was 99 in the previous quarter.

We discussed Bank of America Corporation (NYSE:BAC) in another article and shared Artisan Partners’ views on the company. In addition, please check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.