11 Best Beginner Stocks To Invest In Now

8. Bank of America Corporation (NYSE:BAC)

Number of Hedge Fund Holders: 98

Bank of America Corporation (NYSE:BAC) is a financial services company that provides investment and wealth management services to individuals, institutions, small to medium-sized businesses, large corporations, and the government. Some of its subsidiaries include Merrill, BofA Securities, and Bank of America Private Bank. As of October 15, Bank of America Corporation (NYSE:BAC) and its subsidiaries together served 69 million consumers in the United States and small business clients. In addition to that, the company had a network of 3,700 financial centers and 15,000 ATMs in the country.

The company has a vast ecosystem which is challenging for competitors to replicate. However, this is not the only thing setting the company apart. Bank of America Corporation (NYSE:BAC) is also accelerating its digital capabilities, with nearly 58 million digital users. As of October 15, the company saw an increase in logins by active customers with a record 400 million transactions on Zelle, a mobile application for digital payments.

In addition to that, Life Plan, a digital platform to help users develop and follow financial goals has been used by almost 16.8 million customers since its inception in 2020. Lastly, the CashPro App, in use by corporate and commercial clients, recorded quarterly payment approvals worth $283 billion, representing a 47% growth rate. Overall, Bank of America Corporation (NYSE:BAC) logged net income worth $6.9 million and revenue worth $25.3 billion, up by $178 million reflecting an increase in investment banking fees and asset management.

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.”