5 Best Inexpensive Stocks to Buy Right Now

1. Bank of America Corporation (NYSE:BAC)

Number of Hedge Fund Holders: 87
Share Price as of November 12: $46.91

Bank of America Corporation (NYSE:BAC) is an American investment bank and financial services company. It tops our list of the best inexpensive stocks to buy right now.

On October 20, Bank of America Corporation (NYSE:BAC) announced a quarterly dividend of $0.21 per share, yielding 1.78%. The company has been increasing its dividend for the past year. In Q3, Bank of America Corporation (NYSE:BAC) reported 3.2 million consumer investment accounts, presenting a 9% growth from the previous quarter. Moreover, the company’s sales and trading revenue also grew by 12% at $3.6 billion, compared with the prior-year quarter. This October, Wells Fargo lifted its price target on Bank of America Corporation (NYSE:BAC) to $60, while keeping an Overweight rating on the shares.

Of the 873 hedge funds tracked by Insider Monkey, 87 hedge funds had positions in Bank of America Corporation (NYSE:BAC) in Q2, compared with 97 in the previous quarter. The total value of these stakes is over $46.5 billion, up from $45.3 billion in Q1.

In its Q1 2021 investor letter, ClearBridge Investments, an asset management firm, highlighted a few stocks and Bank of America Corporation (NYSE:BAC) was one of them. Here is what the fund said:

“Higher long-term interest rates supported financials such as Bank of America, which has shown both defensive and offensive characteristics in the past year. We believe it continues to be the least risky large bank from a credit standpoint, with conservative underwriting and controlled risk taking, a leading consumer deposit franchise, scale and technology. It is also a leader in its commitments to sustainability, or as it terms it, responsible growth. Disclosure and reporting at all levels form a large part of this commitment, including gender diversity and equality, environmental commitments and support of communities in which it operates. In the first quarter Bank of America announced it is setting a goal of net-zero greenhouse gas (GHG) emissions in its supply chain and operations, and notably also in its financing activities, before 2050.”

You can also take a look at 10 Best Cheap Stocks To Buy Now and 10 Cheap Pharmaceutical Stocks For 2021.

Follow Insider Monkey on Twitter