Hedge funds piled into financial stocks in the final quarter of 2016, with Bank of America gaining the most interest from funds taking new positions.

In all, hedge funds acquired a net $1.2 billion worth of stock in financial companies over the period, research from S&P Global Market Intelligence showed. The last time financials were a top buy for hedge funds was in the fourth quarter of 2014. 

Financial stocks in both Europe and the US soared after the election of Donald Trump as US President in November. The S&P 500 Financials sector index has gained just over 5% so far this year, taking its gain since election day on November 8 to more than 22%.