Bank of America Preferred Stock Gets Upgraded; Fund Holdings Shift
Phillip Securities Boosts Rating Amid Changes in Institutional Ownership
Fintel reports that on October 18, 2024, Phillip Securities upgraded their outlook for Bank of America Corporation – Preferred Stock (NYSE:BAC.PRE) from Neutral to Accumulate.
Institutional Investor Sentiment on the Rise
Currently, 12 funds or institutions hold positions in Bank of America Corporation – Preferred Stock, which marks an increase of one owner, or 9.09%, compared to the previous quarter. The average portfolio weight of all funds dedicated to BAC.PRE has risen to 0.41%, a growth of 9.41%. Despite this uptick in interest, the total number of shares owned by institutions has decreased by 4.62% in the last three months, totaling 1,218K shares.
Movements Among Key Funds
PFF – iShares Preferred and Income Securities ETF holds 584K shares, down from 628K shares, reflecting a decrease of 7.47%. The firm also reduced its portfolio allocation in BAC.PRE by 2.99% over the last quarter.
PFFD – Global X U.S. Preferred ETF now holds 221K shares, down from 227K shares, which indicates a decline of 2.80%. However, the firm increased its portfolio allocation in BAC.PRE by 5.67% during the same period.
PFFV – Global X Variable Rate Preferred ETF retains 126K shares, the same as their previous report, resulting in a minor decrease of 0.24%. Yet, they boosted their allocation in BAC.PRE by 4.15% last quarter.
VRP – Invesco Variable Rate Preferred ETF increased their holdings to 94K shares, up from 88K shares, marking an increase of 6.48%. They also upped their portfolio allocation in BAC.PRE by 1.90%.
PSK – SPDR(R) Wells Fargo Preferred Stock ETF has 50K shares, a decrease from 52K shares, indicating a drop of 3.76%. This firm reduced its allocation in BAC.PRE by 2.24% in the last quarter.
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