10 Most Profitable Cheap Stocks to Buy Now

2. Bank of America Corporation (NYSE:BAC)

Forward P/E: 10.88

TTM Net Income: $26.35 Billion

Number of Hedge Fund Holders: 113

Bank of America Corporation (NYSE:BAC) is an American multinational banking and financial services corporation that serves individuals, small and middle-market businesses, and large enterprises with a comprehensive range of banking, investing, asset management, and other financial and risk management products and services. The company also specializes in wealth management, corporate and investment banking, and trading across a wide range of asset classes. Bank of America Corporation (NYSE:BAC) ranks among the most profitable stocks to buy.

The corporation had an impressive Q1 2025 and reported a net income of $7.4 billion, or 0.90 per diluted share, up from $6.7 billion, or $0.76 per share, in Q1 2024. Bank of America Corporation (NYSE:BAC) added about 250,000 net new consumer checking accounts in its consumer banking division to mark the 25th consecutive quarter of growth. Additionally, average deposits grew for the seventh consecutive quarter to nearly $2 trillion. Bank of America Corporation (NYSE:BAC) reported that net interest income (NII) for the quarter was $14.4 billion, and on a fully taxable equivalent basis, NII was $14.6 billion, up 3% year-over-year. The corporation also allocated more capital to its Global Markets business and expanded both consumer and commercial loans. Notably, Bank of America Corporation (NYSE:BAC) bought an $8 billion high-quality residential loan portfolio. This is expected to add just over $100 million in net interest income annually.

During Q1 2025, Bank of America Corporation (NYSE:BAC) returned $6.5 billion to shareholders through $2 billion in common dividends and $4.5 billion in share repurchases. UBS raised its price target on Bank of America Corporation (NYSE:BAC) and maintained a “Buy” rating after the company “leaps over lowered bar” with its Q1 results.