Ally Financial Inc. $ALLY Shares Purchased by Principal Financial Group Inc.

Principal Financial Group Inc. boosted its stake in Ally Financial Inc. (NYSE:ALLY) by 7.5% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 674,471 shares of the financial services provider’s stock after buying an additional 47,184 shares during the period. Principal Financial Group Inc.’s holdings in Ally Financial were worth $26,439,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the stock. Royal Bank of Canada increased its position in shares of Ally Financial by 106.5% during the first quarter. Royal Bank of Canada now owns 251,123 shares of the financial services provider’s stock valued at $9,158,000 after acquiring an additional 129,497 shares during the last quarter. NewEdge Advisors LLC boosted its position in shares of Ally Financial by 22.8% during the 1st quarter. NewEdge Advisors LLC now owns 2,235 shares of the financial services provider’s stock worth $82,000 after purchasing an additional 415 shares during the period. Empowered Funds LLC increased its holdings in Ally Financial by 11.1% in the 1st quarter. Empowered Funds LLC now owns 12,900 shares of the financial services provider’s stock valued at $470,000 after purchasing an additional 1,292 shares during the last quarter. Focus Partners Wealth purchased a new stake in Ally Financial in the first quarter valued at approximately $259,000. Finally, Janney Montgomery Scott LLC raised its position in Ally Financial by 1.9% in the second quarter. Janney Montgomery Scott LLC now owns 68,926 shares of the financial services provider’s stock valued at $2,685,000 after purchasing an additional 1,296 shares during the period. Hedge funds and other institutional investors own 88.76% of the company’s stock.

Ally Financial Stock Up 0.6%

Shares of Ally Financial stock opened at $42.39 on Friday. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 1.30. Ally Financial Inc. has a 52-week low of $29.52 and a 52-week high of $47.27. The company has a market capitalization of $13.06 billion, a P/E ratio of 18.04, a P/E/G ratio of 0.21 and a beta of 1.19. The company has a 50 day moving average of $44.02 and a 200 day moving average of $41.29.

Ally Financial (NYSE:ALLY) last issued its earnings results on Wednesday, January 21st. The financial services provider reported $1.09 EPS for the quarter, topping analysts’ consensus estimates of $1.01 by $0.08. Ally Financial had a net margin of 10.77% and a return on equity of 10.40%. The firm had revenue of $2.17 billion during the quarter, compared to the consensus estimate of $2.15 billion. During the same quarter in the previous year, the firm posted $0.78 earnings per share. The company’s revenue was up 4.8% compared to the same quarter last year. As a group, research analysts forecast that Ally Financial Inc. will post 3.57 EPS for the current fiscal year.

Ally Financial declared that its board has approved a stock repurchase program on Wednesday, December 10th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the financial services provider to buy up to 15.3% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

Ally Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, February 17th. Investors of record on Monday, February 2nd will be paid a dividend of $0.30 per share. The ex-dividend date is Monday, February 2nd. This represents a $1.20 annualized dividend and a yield of 2.8%. Ally Financial’s payout ratio is presently 51.06%.

Insider Buying and Selling

In related news, CFO Russell E. Hutchinson purchased 11,566 shares of the company’s stock in a transaction on Tuesday, January 27th. The shares were bought at an average cost of $43.17 per share, for a total transaction of $499,304.22. Following the completion of the purchase, the chief financial officer directly owned 225,336 shares of the company’s stock, valued at approximately $9,727,755.12. This trade represents a 5.41% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Michael George Rhodes acquired 23,800 shares of the business’s stock in a transaction on Friday, January 23rd. The shares were bought at an average cost of $41.68 per share, for a total transaction of $991,984.00. Following the acquisition, the chief executive officer owned 49,434 shares of the company’s stock, valued at $2,060,409.12. This represents a 92.85% increase in their position. The disclosure for this purchase is available in the SEC filing. Corporate insiders own 0.67% of the company’s stock.

Wall Street Analysts Forecast Growth

ALLY has been the subject of several research analyst reports. Weiss Ratings upgraded Ally Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, January 23rd. Morgan Stanley set a $53.00 target price on Ally Financial and gave the company an “overweight” rating in a report on Tuesday, December 16th. TD Cowen reaffirmed a “buy” rating on shares of Ally Financial in a research report on Thursday, January 8th. BTIG Research reissued a “neutral” rating on shares of Ally Financial in a research report on Tuesday, January 6th. Finally, Wells Fargo & Company raised shares of Ally Financial from a “hold” rating to an “overweight” rating in a research note on Wednesday, December 17th. Fourteen research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $50.31.

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.