Now are going to have a look at the list of the best bank stocks to buy right now according to hedge funds, published by Insider Monkey recently. This year hasn’t favored to vast majority of industries and sectors, and admittedly, financial and banking sectors were not exceptions, either. Therefore you could think, it’s not a good idea to consider investing in bank stocks. As we can observe, Citigroup is down 26% and Wells Fargo is down 45%. Yet, According to Insider Monkey’s research, investors can outperform the market by investing in stocks, like Well Fargo.
And now without a further ado, let’s check out what Insider Monkey has come up with for us. We have picked up two banks from the list, but if you want to get more interesting and useful information on this topic, please skip to the entire list of the best bank stocks to buy right now. The fifth spot was given to U.S. Bancorp (NYSE:USB): $44.21, and if you check its amazing revenues and hedge funds, you won’t be surprised.
Number of Hedge Funds: 48 (2020 Q2)
Number of Hedge Funds: 48 (2020 Q3)
Total Dollar Amount of Long Hedge Fund Positions:$6.3 billion
Percent of Hedge Funds with Long Positions: 5.9%
2020 Return (through November 27th): –22.8%
Popularity Ranking (2020 Q2): 211
Noteworthy Hedge Fund Shareholders: Warren Buffett, Daniel Sundheim
Well Fargo (NYSE:WFC): $28.46, stands on the third spot of the list. The bank actually has a market cap of $100 billion, yet is among the three largest retail banks in the United States.
Number of Hedge Funds: 86 (2020 Q2)
Number of Hedge Funds: 90 (2020 Q3)
Total Dollar Amount of Long Hedge Fund Positions:$8.5 billion
Percent of Hedge Funds with Long Positions: 11.0%
2020 Return (through November 27th): –45%
Popularity Ranking (2020 Q2): 33
Popularity Ranking (2020 Q1): 42
Noteworthy Hedge Fund Shareholders: Warren Buffett