5 Best Bank Stocks for Dividends

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1. Bank of America Corporation (NYSE:BAC)

Number of Hedge Fund Holders: 99
Total Value of Hedge Fund Holdings: $35.3 Billion 
Dividend Yield as of May 7: 1.74%

Topping the 10 best bank stocks for dividends is Bank of America Corporation (NYSE:BAC). The North Carolina-based multinational investment bank and financial services firm has over 66 million customers. On May 4, Baird analyst David George downgraded BAC from Outperform to Neutral with a price target of $42.00. Bank of America Corporation (NYSE:BAC) has a market cap of $361.45 billion. Bank of America Corporation’s total revenue came in at $93.7 billion in 2020. Shares of BAC surged 78% over the last twelve days. 

There were 99 hedge funds that reported owning stakes in Bank of America Corporation (NYSE:BAC) at the end of the fourth quarter, up from 88s funds a quarter earlier. The total value of these stakes at the end of Q4 is $35.3 billion. 

GoodHaven Capital Management mentioned that they added positions in BAC in the last six months in its Q4 2020 investor letter:

“Finally, the Federal Reserve has just relaxed share buyback restrictions for Bank of America (and some of their brethren) – a positive development. We added to Bank of America during the last six months. We continue to find plenty of potential new investments to consider, even after the market’s recent material rebound.”

Bank of America Corp (NYSE:BAC)

You can also take a peek at 10 Best Travel Stocks to Buy Right Now, and 10 Best Automotive Stocks to Invest in Now.

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