Citigroup Boosts Bank of America Preferred Security Rating
On November 8, 2024, Citigroup elevated its outlook for Bank of America Corporation – Preferred Security (NYSE:MER.PRK) from Neutral to Buy.
Fund Manager Sentiment Shifts
Currently, 18 funds or institutions report holdings in Bank of America Corporation – Preferred Security, marking an increase of 5.88% with one new owner in the past quarter. The average portfolio weight dedicated to MER.PRK across all funds has risen to 0.69%, up by 1.26%. Institutional ownership saw a growth of 1.06% in the last three months, totaling 5,741K shares.
The PFF – iShares Preferred and Income Securities ETF holds 2,028K shares, having decreased from 2,102K shares, representing a drop of 3.68%. Despite this, the firm increased its stake in MER.PRK by 0.32% over the last quarter.
Meanwhile, the PGX – Invesco Preferred ETF reported an increase in holdings to 1,348K shares from 1,292K shares, which reflects a growth of 4.19%. This fund also raised its portfolio allocation to MER.PRK by 4.14%.
The PFFD – Global X U.S. Preferred ETF acquired 743K shares, up from 728K shares, indicating a rise of 1.91%. Similarly, this firm boosted its allocation in MER.PRK by 0.63% in the last quarter.
The PFFV – Global X Variable Rate Preferred ETF added to its position, now holding 455K shares, increased from 429K shares, showing a growth of 5.84%. They also raised their allocation in MER.PRK by 5.27% last quarter.
In contrast, the VRP – Invesco Variable Rate Preferred ETF saw a slight decline, holding 326K shares as compared to 330K shares, representing a 1.24% decrease. This fund reduced its portfolio allocation in MER.PRK by 2.31% over the past quarter.
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