3. Bank of America Corporation (NYSE: BAC)
Griffin’s Stake Value: $386,000,000
Percentage of Ken Griffin’s 13F Portfolio: 0.1%
Dividend Yield: 1.73%
Number of Hedge Fund Holders: 97
Bank of America Corporation (NYSE: BAC) ranks 3rd on the list of 10 best dividend stocks to buy according to billionaire Ken Griffin. The investment and financing bank, headquartered in North Carolina, was founded in 1784 and has since built a reputation for offering banking and financial solutions to individuals, small and large businesses, investment firms, and the government. Bank of America Corporation (NYSE: BAC) offers an annual dividend of $0.72 per share with a 1.73% dividend yield. BAC stock has provided more than 59% returns to investors in the past twelve months.
In recent news, Chobani LLC, a New York-based yoghurt company, collaborates with Bank of America Corporation (NYSE: BAC) and The Goldman Sachs Group, Inc. (NYSE: GS) to prepare for an IPO in the second half of 2021. The food company is seeking a $7 billion to $10 billion value, according to a news source.
Bank of America Corporation (NYSE: BAC) has a market cap of $341 billion. The company’s first-quarter revenue grew by 13.4% to $22.8 billion, up from $20.1 billion in the fourth quarter of 2020. Bank of America Corporation posted a net income of $8.1 billion, or $0.86 per diluted share. As of June 16, Bank of America Corporation (NYSE: BAC) shares trade at $41.62 and have a P/E ratio of 17.86. The 52-week price range of BAC is $22.39 – $43.49. On June 15, Credit Suisse maintained an Outperform rating on Bank of America Corporation, with a price target of $46 per share.
Citadel Investment Group holds 9,987,171 shares in the company, worth over $386 million. The hedge fund has trimmed Bank of America Corporation (NYSE: BAC) stakes by 36% in the past few months. Warren Buffett’s Berkshire Hathaway is a leading shareholder in Bank of America Corporation (NYSE: BAC) with 1,010,100,606 shares worth more than $39 billion.
Like Apple Inc. (NASDAQ: AAPL), NVIDIA Corporation (NASDAQ: NVDA), and Comcast Corporation (NASDAQ: CMCSA), Bank of America Corporation (NYSE: BAC) is one of the best dividend stocks to buy according to billionaire Ken Griffin.
Here is what GoodHaven Capital Management has to say about Bank of America Corporation in their 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.”
