Bank of America Corp DE Buys 190,514 Shares of Ally Financial Inc. $ALLY

Key Points

• Bank of America increased its Ally Financial stake by 7.1%, purchasing 190,514 shares to own 2.89 million shares, or approximately 0.94% of the company. Institutional investors collectively hold 88.76% of Ally’s stock.
• Analyst sentiment remains positive, with 14 Buy ratings and two Holds giving Ally a “Moderate Buy” consensus and an average price target of $53.64.
• Ally reported quarterly revenue of $2.28 billion, up 9.8% year over year, though EPS of $1.21 narrowly missed estimates. The company also declared a quarterly dividend of $0.30 per share, representing a 2.7% annualized yield.

Bank of America Corp DE lifted its position in Ally Financial Inc. (NYSE:ALLY - Free Report) by 7.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,889,620 shares of the financial services provider's stock after buying an additional 190,514 shares during the quarter. Bank of America Corp DE owned approximately 0.94% of Ally Financial worth $113,360,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Centaurus Financial Inc. bought a new position in Ally Financial in the 1st quarter worth about $942,000. EverSource Wealth Advisors LLC lifted its position in Ally Financial by 122.7% in the 1st quarter. EverSource Wealth Advisors LLC now owns 3,243 shares of the financial services provider's stock worth $127,000 after buying an additional 1,787 shares during the last quarter. California State Teachers Retirement System boosted its stake in Ally Financial by 23.2% in the first quarter. California State Teachers Retirement System now owns 321,251 shares of the financial services provider's stock worth $12,603,000 after buying an additional 60,579 shares in the last quarter. Quantinno Capital Management LP grew its stake in shares of Ally Financial by 48.7% during the first quarter. Quantinno Capital Management LP now owns 1,056,254 shares of the financial services provider's stock valued at $41,437,000 after buying an additional 345,750 shares during the last quarter. Finally, SummitTX Capital L.P. grew its stake in shares of Ally Financial by 48.0% during the first quarter. SummitTX Capital L.P. now owns 45,294 shares of the financial services provider's stock valued at $1,777,000 after buying an additional 14,698 shares during the last quarter. Institutional investors own 88.76% of the company's stock.

Wall Street Analysts Forecast Growth

ALLY has been the subject of a number of recent research reports. Evercore reissued an "outperform" rating and issued a $54.00 target price on shares of Ally Financial in a research note on Tuesday, April 21st. Weiss Ratings upgraded Ally Financial from a "buy (b-)" rating to a "buy (b)" rating in a research report on Tuesday, June 23rd. Citigroup decreased their price target on Ally Financial from $70.00 to $58.00 and set a "buy" rating on the stock in a research note on Tuesday, June 23rd. Bank of America raised their target price on shares of Ally Financial from $52.00 to $53.00 and gave the stock a "buy" rating in a report on Wednesday, July 8th. Finally, Royal Bank Of Canada increased their price target on shares of Ally Financial from $52.00 to $55.00 and gave the company an "outperform" rating in a research report on Friday, July 10th. Fourteen analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $53.64.

Ally Financial Stock Performance

Shares of ALLY opened at $43.70 on Friday. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 1.26. The stock has a market cap of $13.29 billion, a P/E ratio of 10.31, a P/E/G ratio of 0.27 and a beta of 1.10. The business's 50 day moving average price is $44.59 and its 200-day moving average price is $42.54. Ally Financial Inc. has a 52 week low of $35.92 and a 52 week high of $47.29.

Ally Financial (NYSE:ALLY - Get Free Report) last posted its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $1.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.22 by ($0.01). The company had revenue of $2.28 billion during the quarter, compared to analysts' expectations of $2.22 billion. Ally Financial had a return on equity of 11.75% and a net margin of 16.75%.Ally Financial's revenue for the quarter was up 9.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.99 EPS. Equities research analysts anticipate that Ally Financial Inc. will post 5.19 earnings per share for the current fiscal year.

Ally Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Friday, July 31st will be paid a dividend of $0.30 per share. The ex-dividend date is Friday, July 31st. This represents a $1.20 dividend on an annualized basis and a yield of 2.7%. Ally Financial's payout ratio is currently 28.30%.

Insider Buying and Selling at Ally Financial

In other news, insider Stephanie N. Richard sold 5,000 shares of the stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $44.23, for a total transaction of $221,150.00. Following the transaction, the insider directly owned 88,927 shares of the company's stock, valued at $3,933,241.21. This represents a 5.32% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.46% of the stock is owned by insiders.

Ally Financial Company Profile

Ally Financial Inc is a leading digital financial services company headquartered in Detroit, Michigan. The company offers a comprehensive suite of banking, lending, and insurance products designed for retail and commercial customers. Through its online-only platform, Ally Bank provides checking and savings accounts, certificates of deposit, money market accounts, and home mortgages, emphasizing competitive rates and user-friendly mobile and web experiences.

In addition to its banking operations, Ally Financial is a major player in automotive financing and leasing.

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