10 Cheap NYSE Stocks To Invest In Now

3. Bank of America Corp. (NYSE:BAC)

Current Forward P/E as of December 16: 12.44

Number of Hedge Fund Holders: 98

Bank of America Corp. (NYSE:BAC) is a financial services provider that offers a range of solutions to individuals, institutions, and governments. These services include banking, investing, asset management, and risk management. Its subsidiaries include Merrill, BofA Securities, and Bank of America Private Bank.

Its recent success is attributed to its Consumer Banking segment. The bank added 360,000 net new checking accounts during Q3 2024, marking 23 consecutive quarters of such growth. The segment showcased impressive customer engagement, with 48 million active digital users logging in over 3.6 billion times in Q3. This translated into 54% of consumer sales originating through digital channels.

Investment balances for consumer clients in this segment also surged 28% year-over-year to a record $497 billion, driven by strong inflows of $29 billion over the past 12 months. These factors have together emerged as the key drivers of Bank of America Corp.’s (NYSE:BAC) success.

Diamond Hill Capital stated the following regarding Bank of America Corporation (NYSE:BAC) in its Q2 2024 investor letter:

“Other top contributors in Q2 included Bank of America Corporation (NYSE:BAC) and Extra Space Storage. Shares of financial services company Bank of America rose in the quarter as it looks increasingly likely net interest income will inflect and begin growing again in 2024’s back half and into 2025.”