Citigroup Upgrades Bank of America to Buy: A Look at Institutional Sentiment

On November 8, 2024, Citigroup raised its forecast for Bank of America (SNSE:BACCL) from Neutral to Buy.

Fund Sentiment at a Glance

A total of 4,247 funds or institutions currently hold shares in Bank of America, reflecting an increase of 50 owners, or 1.19%, in the last quarter. The average portfolio weight dedicated to BACCL stands at 0.66%, showing a rise of 4.53%. Over the past three months, institutional ownership increased by 3.83%, bringing the total to 6,304,416K shares.

How Are Other Major Shareholders Positioned?

Berkshire Hathaway holds 1,032,852K shares, which accounts for 13.46% ownership, with no change reported in the last quarter.

The Vanguard Total Stock Market Index Fund Investor Shares (VTSMX) owns 209,897K shares, representing 2.74% of ownership. Previously, the firm reported 210,263K shares, indicating a decrease of 0.17%. However, its allocation to BACCL increased by 1.81% over the last quarter.

The Vanguard 500 Index Fund Investor Shares (VFINX) possesses 174,622K shares, or 2.28% ownership. This is up from 173,507K shares in the prior report, showcasing a 0.64% increase. Despite this, the firm reduced its allocation in BACCL by 0.08% in the previous quarter.

JPMorgan Chase holds 149,404K shares, equating to 1.95% of the company. In comparison to its previous filing, where it owned 147,816K shares, this signifies a 1.06% increase. However, JPMorgan’s overall portfolio allocation in BACCL fell significantly by 93.70% last quarter.

Geode Capital Management increased its stake to 138,556K shares, which corresponds to 1.81% ownership, up from 137,026K shares previously—a 1.10% rise. The firm also raised its portfolio allocation in BACCL by 0.63% over the last quarter.

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This article first appeared on Fintel.

The views and opinions expressed herein are those of the author and do not necessarily reflect the opinions of Nasdaq, Inc.