Bank of America Preferred Stock Outlook Upgraded to Accumulate

A recent report indicates that Phillip Securities has upgraded their outlook for Bank of America Corporation - Preferred Stock from Neutral to Accumulate. This shift suggests a growing confidence in the stock among institutional investors.

Date: 19-10-2024

AI Rating: 6

The report highlights an upgrade in the outlook for Bank of America Corporation - Preferred Stock (BML.PRJ), raising it from Neutral to Accumulate. This change may lead to increased investor interest, potentially driving the stock price upwards.

Institutional sentiment seems mixed, as total shares owned by institutions have decreased by 2.66% over the last three months to 1,091K shares. While there has been an increase of 1 owner or 8.33% in the last quarter, the overall trend shows a reduced commitment from institutions.

In contrast, some notable funds have varied in their holdings: the PFF - iShares Preferred and Income Securities ETF decreased its shares by 10.40%, while PFFD - Global X U.S. Preferred ETF increased its holdings by 2.19%. These movements indicate that while some institutions are pulling back, others are taking a more positive stance.

Given the upgrade in outlook, the overall investor sentiment towards the preferred stock remains cautiously optimistic, even as some institutions have reduced their stakes. Such upgrades can lead to increased demand for the stock, potentially driving prices higher, particularly if more investors follow suit.

Stocks: BML.PRJ