Billionaire Steven Cohen’s Top 5 Dividend Stock Picks

In this article, we will take a look at the Billionaire Steven Cohen’s Top 5 Dividend Stock Picks. For deeper discussion and analysis, read Billionaire Steven Cohen’s Top 11 Dividend Stock Picks.

Steven Cohen of Point72 Asset Management

5. Bank of America Corporation (NYSE:BAC)

Point72 Asset Management’s Stake Value: $179,771,914

Dividend Yield as of June 26: 1.94%

On June 26, Truist raised its price recommendation on Bank of America Corporation (NYSE:BAC) to $64 from $61. It reiterated a Buy rating on the shares. The update came as part of a broader research note covering universal and regional banks. Analyst John McDonald said the bank’s first sales and trading guidance for the quarter was raised to “better than” 15% year over year in early June, supported by strong equity market performance, particularly in the Asia-Pacific region. He added that the same strength is also contributing to higher expenses during the quarter.

A few days earlier, on June 23, Citi increased its price goal on BAC to $66 from $62. It kept a Buy rating on the stock as part of its second-quarter preview. The firm said Bank of America’s commentary at recent investor conferences has been constructive and believes stronger banking and trading results could drive upside to second-quarter estimates.

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