10 Cheap Quarterly Dividend Stocks to Buy Now

5. Bank of America Corporation (NYSE:BAC)

Forward P/E Ratio as of April 27: 10.8

An American multinational investment bank and financial services company, Bank of America Corporation (NYSE:BAC) ranks fifth on our list of the best cheap quarterly dividend stocks to invest in. On April 23, the company declared a quarterly dividend of $0.26 per share, which was in line with its previous dividend. Overall, it has been a consistent dividend payer for the past 27 years, while raising its payouts for 11 consecutive years. The stock has a dividend yield of 2.62%, as of April 27.

Bank of America Corporation (NYSE:BAC) posted strong performance in the first quarter of 2025, generating $27.4 billion in revenue, a 6% increase compared to the same period last year. This growth was mainly fueled by a rise in noninterest income across all divisions. Net interest income also edged up by 3% year-over-year, reaching $14.4 billion.

Bank of America Corporation (NYSE:BAC)’s balance sheet remained solid, with average deposits climbing to $1.96 trillion, marking the seventh consecutive quarter of deposit growth. Bank of America’s Common Equity Tier 1 (CET1) ratio came in at 11.8% under the standardized method, comfortably above the 10.7% regulatory minimum. During the quarter, the bank returned $6.5 billion to shareholders through $2.0 billion in dividends and $4.5 billion in share buybacks.

The number of hedge funds tracked by Insider Monkey owning stakes in Bank of America Corporation (NYSE:BAC) grew to 113 in Q4 2024, from 98 in the previous quarter. The overall value of these stakes is over $40.2 billion. Warren Buffett’s Berkshire Hathaway was the company’s leading stakeholder in Q4.