Stocks On The Rise: 5 Best To Buy Now

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In this article, we discuss the stocks on the rise and the 5 best to buy now. If you want to read our detailed analysis of these stocks, go directly to Stocks On The Rise: 15 Best To Buy Now.

5. Bank of America Corporation (NYSE: BAC)

Number of Hedge Fund Holders: 97    

Bank of America Corporation (NYSE: BAC) is placed fifth on our list of the stocks on the rise and the 15 best to buy now. The company provides banking and financial services and is based in North Carolina. On July 20, crypto news platform CoinDesk reported that the bank had started clearing and settling cryptocurrency exchange-traded products for hedge funds in Europe. The move allows hedge funds based in Europe to indirectly invest in crypto through the American bank, according to the news platform.  

On June 2, investment advisory Truist initiated coverage of Bank of America Corporation (NYSE: BAC) stock with a Buy rating and a price target of $48. Gregg Gilbert, an analyst at the firm, issued the ratings update. 

At the end of the first quarter of 2021, 97 hedge funds in the database of Insider Monkey held stakes worth $45 billion in Bank of America Corporation (NYSE: BAC), down from 99 in the previous quarter worth $35 billion.

In its Q1 2021 investor letter, ClearBridge Investments, an asset management firm, highlighted a few stocks and Bank of America Corporation (NYSE: BAC) was one of them. Here is what the fund said:

“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.”

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