Citigroup Boosts Bank of America Preferred Stock Rating to Buy
On November 8, 2024, Citigroup revised its outlook for Bank of America Corporation – Preferred Stock (NYSE:BML.PRL), upgrading it from Neutral to Buy.
Fund Sentiment on the Rise
Fifteen funds or institutions now report holdings in Bank of America Corporation – Preferred Stock, marking a 7.14% increase with one new owner in the last quarter. The average portfolio weight of funds dedicated to BML.PRL is 0.38%—a notable increase of 10.01%. Over the past three months, total shares owned by institutions rose by 6.13% to reach 1,793,000 shares.
PFF – iShares Preferred and Income Securities ETF currently owns 801,000 shares, down from 851,000 shares—a decrease of 6.30%. This adjustment reflects a 1.05% reduction in the ETF’s allocation in BML.PRL over the last quarter.
PFFD – Global X U.S. Preferred ETF holds 296,000 shares, down from 304,000 shares, which is a decrease of 2.78%. However, the firm has increased its allocation in BML.PRL by 3.42% during the same period.
PFFV – Global X Variable Rate Preferred ETF holds 171,000 shares, down from 176,000 shares—a decrease of 2.87%. This ETF reduced its portfolio allocation in BML.PRL by 0.69% over the last quarter.
MDIV – Multi-Asset Diversified Income Index Fund holds 134,000 shares.
VRP – Invesco Variable Rate Preferred ETF owns 127,000 shares, reduced from 128,000 shares by 1.25%. This ETF has also decreased its portfolio allocation in BML.PRL by 2.83% over the last quarter.
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