Baird Upgrades Bank of America Preferred Stock to Outperform

On March 7, 2025, Baird raised its outlook for Bank of America Corporation – Preferred Stock (NYSE:BAC.PRL) from Neutral to Outperform.

Fund Sentiment Overview

Currently, 334 funds or institutions report holdings in Bank of America Corporation – Preferred Stock. This marks a decrease of 10 holders, a drop of 2.91%, from the previous quarter. The average portfolio weight for all funds invested in BAC.PRL stands at 0.52%, reflecting an 8.06% increase. Over the past three months, total institutional shares increased by 2.90%, reaching 8,105K shares.

Activity Among Major Shareholders

Russell Investments Group currently holds 5,715K shares, down from 5,795K in its prior filing—indicating a 1.40% decrease. The firm has reduced its portfolio allocation in BAC.PRL by 91.22% over the last quarter.

In contrast, Voya Investment Management has increased its holdings to 299K shares, up from 278K in the previous report, which translates to a 6.78% increase. Consequently, its portfolio allocation in BAC.PRL rose by 1.22% this last quarter.

Advent Capital Management decreased its holdings from 197K shares to 174K shares, representing a 12.91% decrease, with a reduction in its portfolio allocation of 20.27% during the same period.

PFF – iShares Preferred and Income Securities ETF reported a slight increase in holdings from 154K to 155K shares, a 0.76% rise. The firm’s portfolio allocation in BAC.PRL increased by 2.46% over the last quarter.

First Trust Advisors has also expanded its position, increasing shares from 87K to 100K, a 12.54% increase. Its portfolio allocation in BAC.PRL rose by 1.15% over the past quarter.

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