Should You Hold Bank of America Corporation (BAC)?

Oakmark Funds, advised by Harris Associates, released its “Oakmark Equity and Income Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. The fund increased 5.3% in the second quarter compared to a 3.2% return for the Lipper Balanced Fund Index. For the calendar year to date, the fund returned 8.8% compared to a 7.6% return for the benchmark. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Oakmark Equity and Income Fund highlighted stocks like Bank of America Corporation (NYSE:BAC) in the second quarter 2023 investor letter. Headquartered in Charlotte, North Carolina, Bank of America Corporation (NYSE:BAC) provides banking and financial products and services. On July 11, 2023, Bank of America Corporation (NYSE:BAC) stock closed at $ 29.02 per share. One-month return of Bank of America Corporation (NYSE:BAC) was -0.34%, and its shares lost 5.90% of their value over the last 52 weeks. Bank of America Corporation (NYSE:BAC) has a market capitalization of $234.17 billion.

Oakmark Equity and Income Fund made the following comment about 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.”

Baseball bank of America BAC

Bank of America Corporation (NYSE:BAC) is in 18th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 91 hedge fund portfolios held Bank of America Corporation (NYSE:BAC) at the end of first quarter which was 100 in the previous quarter.

We discussed Bank of America Corporation (NYSE:BAC) in another article and shared the list of US companies with the highest profit margins. In addition, please check out our hedge fund investor letters Q2 2023 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.