Ally Financial Inc. (ALLY) Stock Rating Upgraded by Zacks Investment Research
Ally Financial Inc. (NYSE:ALLY) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday. The firm presently has a $21.00 price objective on the stock. Zacks Investment Research’s price target would indicate a potential upside of 9.38% from the company’s current price.
According to Zacks, “Ally Financial is undertaking a strategic transformation by strengthening its balance sheet and diversify growth avenues. The company has forayed into the credit card business and re-entered mortgage operations as well as acquired TradeKing to further enhance top-line growth. Additionally, initiation of its capital deployment activities (share repurchases and quarterly dividends) depicts capital strength. However, high debt levels may restrain the company’s ability to procure additional funds for working capital, acquisitions or other purposes. Also, stringent regulations and concentration risks will likely continue to weigh on the company’s near-term profitability.”
Several other equities research analysts also recently issued reports on the stock. Jefferies Group restated a “buy” rating and set a $28.00 price objective on shares of Ally Financial in a research report on Tuesday, September 13th. Deutsche Bank AG restated a “buy” rating and set a $23.00 price objective on shares of Ally Financial in a research report on Thursday, August 18th. Barclays PLC reaffirmed an “overweight” rating and set a $23.00 target price on shares of Ally Financial in a report on Sunday, July 10th. Credit Suisse Group AG reaffirmed an “outperform” rating on shares of Ally Financial in a report on Tuesday, July 5th. Finally, JPMorgan Chase & Co. reaffirmed a “buy” rating on shares of Ally Financial in a report on Thursday, June 30th. Three equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $25.13.
Ally Financial (NYSE:ALLY) opened at 19.20 on Tuesday. The firm’s 50-day moving average price is $19.34 and its 200 day moving average price is $17.90. The firm’s market cap is $9.21 billion. Ally Financial has a 12-month low of $14.55 and a 12-month high of $21.21.
Ally Financial (NYSE:ALLY) last issued its quarterly earnings data on Tuesday, July 26th. The company reported $0.54 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.51 by $0.03. Ally Financial had a net margin of 17.61% and a return on equity of 17.19%. During the same quarter in the prior year, the firm earned $0.46 earnings per share. Analysts forecast that Ally Financial will post $2.25 earnings per share for the current fiscal year.
A number of hedge funds have recently modified their holdings of the stock. Geode Capital Management LLC raised its position in shares of Ally Financial by 1.7% in the first quarter. Geode Capital Management LLC now owns 2,889,510 shares of the company’s stock worth $54,064,000 after buying an additional 49,477 shares during the period. Legal & General Group Plc raised its position in shares of Ally Financial by 5.7% in the first quarter. Legal & General Group Plc now owns 2,436,413 shares of the company’s stock worth $45,589,000 after buying an additional 131,651 shares during the period. Riverhead Capital Management LLC acquired a new position in shares of Ally Financial during the first quarter worth approximately $1,052,000. Hartford Investment Management Co. raised its position in shares of Ally Financial by 12.6% in the second quarter. Hartford Investment Management Co. now owns 12,783 shares of the company’s stock worth $218,000 after buying an additional 1,431 shares during the period. Finally, JPMorgan Chase & Co. raised its position in shares of Ally Financial by 1.5% in the second quarter. JPMorgan Chase & Co. now owns 18,304,851 shares of the company’s stock worth $312,463,000 after buying an additional 273,669 shares during the period. Hedge funds and other institutional investors own 99.83% of the company’s stock.
About Ally Financial
Ally Financial Inc is a financial holding company and a bank holding company. The Company’s banking subsidiary, Ally Bank, is a franchise in the Internet, telephone, mobile and mail banking market. The Company operates through three segments: Automotive Finance operations, Insurance operations and Mortgage operations.
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