15 Best Bank Stocks to Buy According to Billionaires

3. Bank of America Corporation (NYSE:BAC)

Number of Billionaire Investors: 18

Bank of America Corporation (NYSE:BAC) ranks 3rd on our list of the best bank stocks. It offers financial services to individuals, businesses, and governments through four key divisions. Consumer Banking manages accounts, credit cards, loans, and mortgages. Global Wealth & Investment Management provides investment, brokerage, and retirement solutions. Global Banking includes commercial lending, treasury management, and advisory services, while Global Markets specializes in trading and risk management.

Bank of America Corporation (NYSE:BAC)’s digital banking hit a record 26 billion interactions last year, reflecting an increase of 12%. More than 58 million clients used tools like proactive alerts, which grew 7% to nearly 12 billion updates. Account logins reached 14.3 billion, with a record 3.9 billion in Q4, up 16% year-over-year. Meanwhile, BAC’s AI assistant Erica handled 676 million interactions, surpassing 2.5 billion total since launch.

On January 29, Bank of America Corporation (NYSE:BAC) approved a quarterly cash dividend of $0.26 per common share, set to be distributed on March 28, 2025, to shareholders on record as of March 7. Additionally, a $1.75 per share dividend was announced for the 7% Cumulative Redeemable Preferred Stock, Series B, to be paid on April 25, to shareholders on record by April 11.

In Q4 2024, Bank of America Corporation (NYSE:BAC)’s net income reached $6.7 billion, which was more than double the $3.1 billion from a year ago. Revenue grew 15% to $25.3 billion, due to higher asset management and investment banking fees, as well as strong trading performance. Similarly, net interest income rose 3% to $14.4 billion, driven by solid market activity, loan growth, and asset repricing, though lower interest rates offset some gains. In total, the bank returned $5.5 billion to shareholders during Q4, including $2 billion in dividends and $3.5 billion in stock buybacks.