5 Best Bank Dividend Stocks To Buy Now

2. Bank of America Corporation (NYSE:BAC)

Number of Hedge Fund Holders: 100
Dividend Yield as of March 17: 3.04%

Bank of America Corporation (NYSE:BAC) is an American multinational investment bank and financial services company. The company recently reported that it has received over $15 billion in new deposits following the collapse of three regional banks. It is among the best bank dividend stocks on our list.

Bank of America Corporation (NYSE:BAC) has been raising its dividends consistently for the past nine years. the company offers a quarterly dividend of $0.22 per share and has a dividend yield of 3.04%, as of March 17.

At the end of December 2022, 100 elite funds in Insider Monkey’s database were long Bank of America Corporation (NYSE:BAC), up from 97 in the previous quarter. The stakes owned by these hedge funds have a consolidated value of $37.5 billion.

Ariel Investments mentioned Bank of America Corporation (NYSE:BAC) in its third-quarter 2022 investor letter. Here is what the firm has to say:

“We initiated three new positions in the quarter. We added leading financial institution Bank of America Corporation (NYSE:BAC) which serves individual consumers, small and middle-market businesses, and large corporations with a full range of banking, investing, asset management, and other financial and risk management products and services. The current company was formed through various mergers including NationsBank, FleetBoston, US Trust, Countrywide Financial, and Merrill Lynch with the legacy commercial bank to form a national banking powerhouse and bulge bracket investment firm. As one of the ‘Big Four’ U.S. banks it enjoys scale driven cost advantages and economies of scale which provide meaningful competitive advantages and potential for strong returns in the largely commoditized banking industry. A survivor of the financial crisis, BAC has emerged with a solid capital base and stands to benefit from a rising interest rate environment.”