5 Best Dividend Stocks on Robinhood

3. Bank of America Corporation (NYSE: BAC)

Number of Hedge Fund Holders: 99
Dividend Yield: 1.75%

One of the best dividend stocks on Robinhood is Bank of America Corporation (NYSE: BAC). Since 2014, Bank of America has raised its dividend payout regularly, and its current dividend yield of 1.70% is higher than the average dividend yield of S&P 500 stocks, which is 1.38%. The bank earned $8.1 billion in the first quarter, or $0.86 per share, beating analysts’ expectations of 66 cents per share.

The company has a market cap of over $363 billion and revenue of $22.9 billion in the first quarter. Bank of America Corporation (NYSE: BAC) is one of the leading banks worldwide providing financial services to small, medium, and large enterprises as well as governments. Bank of America stock has gained 97% in the last twelve months. 

At the end of the fourth quarter of 2020, 99 hedge funds in the database of Insider Monkey held stakes worth $35.3 billion in Bank of America Corporation (NYSE: BAC) which is an increase from 88 hedge funds in the previous quarter holding stakes worth $26.6 billion.