Citigroup Upgrades Bank of America Preferred Stock to ‘Buy’
On November 8, 2024, Citigroup changed its outlook for Bank of America Corporation – Preferred Stock (NYSE:BML.PRJ) from Neutral to Buy.
Update on Fund Sentiment
A total of 14 funds and institutions are now reporting positions in Bank of America Corporation – Preferred Stock, marking an increase of 1 owner or 7.69% from the previous quarter. The average portfolio weight for these funds dedicated to BML.PRJ stands at 0.18%, reflecting a rise of 1.96%. However, total shares owned by institutions fell by 2.97% over the last three months, totaling 1,093K shares.
PFF – iShares Preferred and Income Securities ETF currently holds 388K shares, down from its prior 428K shares, indicating a reduction of 10.40%. This firm has reduced its portfolio allocation in BML.PRJ by 4.54% in the last quarter.
Pnc Financial Services Group maintains its position with 227K shares unchanged from its previous filing, showing a minor decrease of 0.21%. Their portfolio allocation in BML.PRJ increased by 1.25% this quarter.
PFFD – Global X U.S. Preferred ETF has raised its holdings slightly, now at 145K shares compared to 144K shares previously, translating to a modest increase of 0.75%. Their portfolio allocation in BML.PRJ fell by 2.59% over the last quarter.
PFFV – Global X Variable Rate Preferred ETF reports a decrease in holdings from 87K to 85K shares, a drop of 2.59%. This firm increased its allocation in BML.PRJ by 0.08% during the past quarter.
Lastly, VRP – Invesco Variable Rate Preferred ETF reduced its holdings to 63K shares from 64K, reflecting a 1.22% decrease, along with a 4.30% reduction in portfolio allocation in BML.PRJ.
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