5 Best Long-Term Dividend Stocks to Invest In According to Billionaires

3. Bank of America Corporation (NYSE:BAC)

Number of Billionaire Holders: 31

Reuters reported on May 27 that Bank of America Corporation (NYSE:BAC) expects its trading revenue to rise 15% in the second quarter from the same period a year earlier, following market volatility driven by higher US tariffs, according to CEO Brian Moynihan.

Speaking at a financial conference, Moynihan cautioned against making straightforward year-over-year comparisons. He made the following remark:

“Got to be careful year over year. You got to remember last year was liberation quarter, so some of these numbers will look big.”

Moynihan said investment banking remains in “pretty good shape.” He also noted that wealth management revenue is expected to grow in the low teens on a percentage basis compared with the prior year. Global dealmaking has recently regained momentum after a sharp slowdown in the weeks following the start of the Iran war. Companies and investors have largely looked past market volatility and continued to pursue larger transactions.

According to Moynihan, the pipeline for initial public offerings remains full, with activity levels staying strong. He also said consumer spending and credit quality continue to hold up well, supported by a healthy labor market despite ongoing inflationary pressures and elevated interest rates.

Bank of America’s internal data showed that total credit and debit card spending per household increased 4.8% year over year in April, up from 4.3% growth recorded in March.

Bank of America Corporation (NYSE:BAC) is a bank holding company and financial holding company. Its business segments include Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.