Citigroup Elevates Bank of America to ‘Buy’ Status
Fintel indicates that on November 8, 2024, Citigroup upgraded Bank of America’s (BRSE:BAC) outlook from Neutral to Buy.
Institutional Ownership Trends
A total of 4,247 funds or institutions have reported their positions in Bank of America. This marks an increase of 49 owners, or 1.17%, in the last quarter. The average portfolio weight of all funds invested in BAC is now 0.66%, which represents a rise of 4.48%. Over the past three months, total shares held by institutions increased by 3.83%, amounting to 6,304,416K shares.
Berkshire Hathaway remains one of the largest shareholders, holding 1,032,852K shares which represent 13.46% ownership of Bank of America, showing no change in the last quarter.
Meanwhile, the Vanguard Total Stock Market Index Fund Investor Shares holds 209,897K shares, representing 2.74% ownership. Previously, the fund reported holding 210,263K shares, indicating a decrease of 0.17%, although it increased its portfolio allocation in BAC by 1.81% in the last quarter.
The Vanguard 500 Index Fund Investor Shares owns 174,622K shares, equating to 2.28% ownership. Its last report indicated 173,507K shares, reflecting an increase of 0.64%, even as it decreased its investment allocation in BAC by 0.08% over the recent quarter.
JPMorgan Chase retains 149,404K shares, amounting to 1.95% ownership. The latest filing noted ownership of 147,816K shares, resulting in an increase of 1.06%, but a decrease of 6.42% in its BAC portfolio allocation.
Geode Capital Management owns 138,556K shares, representing 1.81% of the company. Earlier filings indicated ownership of 137,026K shares, reflecting an increase of 1.10%. The firm has raised its portfolio allocation in BAC by 0.63% in the last quarter.
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This article was originally published on Fintel.
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