10 Cash-Rich Stocks to Buy Now

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1. Bank of America Corporation (NYSE:BAC)

Operating Cash Flow (TTM): $61.4 Billion

Number of Hedge Fund Holders: 111

Bank of America Corporation (NYSE:BAC) is among the best cash-rich stocks to invest in.

On December 17, Keefe Bruyette analyst Christopher McGratty raised the firm’s price target on Bank of America Corporation (NYSE:BAC) to $64 from $58 and kept an Outperform rating on the shares. The update followed recent conferences and meetings with management, which led the firm to refresh its estimates.

Earlier this month, Bank of America said it will begin allowing its wealth advisers to recommend crypto allocations in client portfolios starting next month. The change marks a notable shift for the digital assets space. Beginning January 5, advisers at Bank of America Private Bank, Merrill, and Merrill Edge will be able to suggest several crypto exchange-traded products to clients, with no asset minimum required.

Chris Hyzy, Chief Investment Officer for Merrill and Bank of America Private Bank, made the following remark:

“For investors with a strong interest in thematic innovation and comfort with elevated volatility, a modest allocation of 1% to 4% in digital assets could be appropriate.”

Bank of America Corporation (NYSE:BAC) said clients who met certain asset thresholds have had access to bitcoin ETFs since early 2024. This latest step expands the adviser’s role. Advisors will no longer just execute crypto-related requests but can actively guide clients on these products.

Bank of America Corporation (NYSE:BAC) is one of the largest financial institutions in the US, providing banking, investing, and wealth management services to individuals, businesses, and government clients worldwide.

While we acknowledge the potential of BAC to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than BAC and that has 100x upside potential, check out our report about this cheapest AI stock.

READ NEXT: 15 Global Dividend Stocks to Diversify Your Portfolio and 15 Dividend Stocks With Low Payout Ratios and Strong Upside

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