Ally Financial Inc. Makes New $2.02 Million Investment in Bank of America Co. (NYSE:BAC)

Ally Financial Inc. purchased a new position in shares of Bank of America Co. (NYSE:BAC) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 46,000 shares of the financial services provider’s stock, valued at approximately $2,022,000.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. GKV Capital Management Co. Inc. purchased a new stake in shares of Bank of America in the 4th quarter worth approximately $88,000. Salzhauer Michael raised its stake in Bank of America by 27.5% in the fourth quarter. Salzhauer Michael now owns 1,752,003 shares of the financial services provider’s stock worth $77,001,000 after buying an additional 377,900 shares in the last quarter. Greenwood Gearhart Inc. purchased a new stake in Bank of America during the fourth quarter worth $485,000. MSH Capital Advisors LLC bought a new stake in Bank of America during the 4th quarter valued at $631,000. Finally, Main Street Financial Solutions LLC increased its holdings in shares of Bank of America by 150.1% in the 4th quarter. Main Street Financial Solutions LLC now owns 74,359 shares of the financial services provider’s stock valued at $3,268,000 after acquiring an additional 44,631 shares during the period. 70.71% of the stock is currently owned by institutional investors.

Bank of America Stock Down 1.7 %

BAC stock opened at $37.35 on Thursday. The company has a market capitalization of $283.96 billion, a P/E ratio of 11.60, a price-to-earnings-growth ratio of 1.21 and a beta of 1.24. Bank of America Co. has a 12 month low of $33.07 and a 12 month high of $48.08. The firm’s fifty day simple moving average is $41.65 and its 200-day simple moving average is $43.62. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, beating the consensus estimate of $0.80 by $0.10. The company had revenue of $27.37 billion for the quarter, compared to analyst estimates of $26.83 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. As a group, equities research analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 7th were issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.78%. The ex-dividend date was Friday, March 7th. Bank of America’s dividend payout ratio (DPR) is 32.30%.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. Baird R W upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 7th. Truist Financial lowered their price target on shares of Bank of America from $50.00 to $47.00 and set a “buy” rating on the stock in a report on Wednesday. Piper Sandler reduced their price objective on shares of Bank of America from $45.00 to $42.00 and set a “neutral” rating for the company in a research note on Wednesday. UBS Group raised their target price on shares of Bank of America from $46.00 to $50.00 and gave the company a “buy” rating in a research note on Wednesday. Finally, Royal Bank of Canada decreased their price objective on Bank of America from $50.00 to $45.00 and set an “outperform” rating for the company in a report on Wednesday. One research analyst has rated the stock with a sell rating, six have given a hold rating, seventeen have issued a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and an average price target of $47.20.

Bank of America Profile

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.