13 Best Financial Sector Dividend Stocks to Invest In

5. Bank of America Corporation (NYSE:BAC)

Number of Hedge Fund Holders: 111

Dividend Yield as of November 28: 2.09%

Bank of America Corporation (NYSE:BAC) is one of the best dividend stocks in the financial sector. On November 17, Barclays analyst Jason Goldberg maintained a Buy recommendation on Bank of America stock, with a $59 price target.

In a separate company announcement, dated November 13, Bank of America shared that it is debuting 401k Pay, which is an innovative digital solution to easily and efficiently transform 401k assets into retirement funds. The service became available on November 17, with no additional fee for the company’s sponsors or clients. 401k Pay is a one-stop solution that provides record management, multiple deposit options, and investing tips. The users can conveniently deposit and follow their earnings till retirement.

Lorna Sabbia, who is the Head of Workplace Benefits at Bank of America Corporation (NYSE:BAC), commented regarding the digital solution:

“401k Pay was developed hand-in-hand with our corporate clients who wanted to offer their employees a retirement income solution. Including retirement income resources like 401k Pay as part of their workplace benefits offerings provides employers with the opportunity to improve financial outcomes for their employees and can help drive real business results – including helping to improve productivity, employee job satisfaction and retention.”

Bank of America is a financial institution that caters to consumers, businesses, institutional investors, and government clients. Its operations are divided into four segments: Consumer Banking, Global Wealth and Investment Management, Global Banking, and Global Markets.