Here is Why Bank of America Corporation (BAC) is Highly Favored By Hedge Funds

Bank of America Corporation (NYSE:BAC) is one of the 10 best banking stocks to buy according to hedge funds.

As of February 23 closing, Bank of America Corporation (NYSE:BAC) carried a highly bullish sentiment. The stock received coverage from 19 analysts, 15 of whom assigned Buy ratings and 4 gave Hold calls. With no Sell rating, it has a projected median 1-year price target of $61.81, which leads to an upside potential of more than 22%.

On February 19, Bank of America Corporation (NYSE:BAC) unveiled plans to introduce BofA Rewards, a fee-free loyalty program designed to enhance customer benefits. The bank stated:

“Starting May 27, millions of clients can enroll in the new program to unlock benefits on eligible credit cards, cash back deals, banking services, curated experiences and more. BofA Rewards members can benefit from $150 to $4,000 in annual value based on their membership tier and program engagement.”

Earlier, on February 9, Vivek Juneja from J.P. Morgan reaffirmed his Overweight rating on Bank of America Corporation (NYSE:BAC), and increased the firm’s price target from $61 to $61.50.

Juneja’s rating is based on J.P. Morgan’s target adjustments across the large-cap banks, amid the expectations of two additional rate cuts in the near-term. The analyst also acknowledged a conducive regulatory landscape for large-cap banks.

Bank of America Corporation (NYSE:BAC) delivers financial solutions to individuals, small and mid-sized enterprises, large institutions, and governments. It has a global presence with expertise in consumer banking, wealth & investment management, and capital markets. The company offers a range of financial products & services across its four broad segments.

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