Phillip Securities Upgrades Bank of America Preferred Stock to Accumulate
Fintel reports that on October 18, 2024, Phillip Securities upgraded their outlook for Bank of America Corporation – Preferred Stock (NYSE:BAC.PRM) from Neutral to Accumulate.
Current Fund Sentiment Surrounding BAC.PRM
Currently, 28 funds and institutions are positioned in Bank of America Corporation – Preferred Stock. This number has stayed steady over the past quarter. On average, these funds allocate 0.39% of their portfolios to BAC.PRM, which is a rise of 0.84%. However, the total number of shares owned by these institutions has decreased by 1.84% in the last three months, amounting to 10,011K shares.
The iShares Preferred and Income Securities ETF (PFF) currently holds 2,681K shares, down from the previously reported 2,773K shares, reflecting a drop of 3.44%. Their allocation in BAC.PRM has also decreased by 2.17%.
Invesco Preferred ETF (PGX) retains 2,423K shares, down from 2,479K shares, marking a decline of 2.31%. Their portfolio share for BAC.PRM increased slightly by 0.48% this quarter.
First Trust Preferred Securities and Income ETF (FPE) holds 1,010K shares, a decrease from 1,046K shares, showing a reduction of 3.61%. Their portfolio allocation in BAC.PRM was also lowered by 2.43%.
Global X U.S. Preferred ETF (PFFD) has 959K shares compared to 986K shares previously, representing a decline of 2.86%. Their portfolio allocation in BAC.PRM remained unchanged.
Cohen & Steers Preferred Securities & Income Fund, Inc. (CPXAX) holds 778K shares, a slight increase from 775K shares, which is an increase of 0.37%. They raised their allocation in BAC.PRM by 1.34% over the last quarter.
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This story originally appeared on Fintel.
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