Ally Financial Inc. (ALLY) Position Cut by First Trust Advisors LP
First Trust Advisors LP lowered its position in shares of Ally Financial Inc. (NYSE:ALLY) by 2.7% during the second quarter, Holdings Channel reports. The fund owned 1,639,321 shares of the financial services provider’s stock after selling 45,060 shares during the period. First Trust Advisors LP’s holdings in Ally Financial were worth $34,262,000 at the end of the most recent quarter.
A number of other institutional investors have also bought and sold shares of ALLY. FTB Advisors Inc. raised its stake in shares of Ally Financial by 35.8% in the first quarter. FTB Advisors Inc. now owns 5,773 shares of the financial services provider’s stock worth $114,000 after buying an additional 1,523 shares during the period. Creative Planning raised its stake in shares of Ally Financial by 385.0% in the first quarter. Creative Planning now owns 6,299 shares of the financial services provider’s stock worth $128,000 after buying an additional 8,509 shares during the period. Tower Research Capital LLC TRC raised its stake in shares of Ally Financial by 668.0% in the first quarter. Tower Research Capital LLC TRC now owns 6,950 shares of the financial services provider’s stock worth $141,000 after buying an additional 6,045 shares during the period. First Mercantile Trust Co. raised its stake in shares of Ally Financial by 27.3% in the first quarter. First Mercantile Trust Co. now owns 9,800 shares of the financial services provider’s stock worth $199,000 after buying an additional 2,100 shares during the period. Finally, Capstone Asset Management Co. purchased a new stake in shares of Ally Financial during the second quarter worth $208,000.
Ally Financial Inc. (NYSE:ALLY) opened at 22.60 on Tuesday. The company’s 50-day moving average price is $21.77 and its 200 day moving average price is $20.84. Ally Financial Inc. has a 12 month low of $16.68 and a 12 month high of $23.62. The firm has a market capitalization of $10.84 billion, a price-to-earnings ratio of 11.52 and a beta of 1.42.
Ally Financial (NYSE:ALLY) last posted its quarterly earnings results on Thursday, July 27th. The financial services provider reported $0.58 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.53 by $0.05. Ally Financial had a return on equity of 7.55% and a net margin of 13.83%. The company had revenue of $1.46 billion for the quarter, compared to analysts’ expectations of $1.42 billion. During the same period last year, the firm earned $0.54 earnings per share. Analysts predict that Ally Financial Inc. will post $2.27 EPS for the current year.
Ally Financial announced that its board has authorized a share buyback plan on Wednesday, June 28th that allows the company to repurchase $760.00 million in outstanding shares. This repurchase authorization allows the financial services provider to purchase up to 7.5% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, August 15th. Shareholders of record on Tuesday, August 1st will be paid a $0.12 dividend. The ex-dividend date is Friday, July 28th. This is a boost from Ally Financial’s previous quarterly dividend of $0.08. This represents a $0.48 dividend on an annualized basis and a yield of 2.12%. Ally Financial’s dividend payout ratio (DPR) is currently 24.49%.
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A number of equities research analysts have weighed in on the company. BidaskClub raised Ally Financial from a “hold” rating to a “buy” rating in a research report on Wednesday, August 2nd. Sanford C. Bernstein reaffirmed an “outperform” rating and set a $31.00 target price (up from $30.00) on shares of Ally Financial in a research report on Sunday, July 30th. Piper Jaffray Companies assumed coverage on Ally Financial in a research report on Friday, June 9th. They set an “overweight” rating and a $25.00 target price for the company. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $24.00 target price on shares of Ally Financial in a research report on Tuesday, July 4th. Finally, TheStreet raised Ally Financial from a “c” rating to a “b-” rating in a research report on Wednesday, July 19th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and thirteen have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $25.07.
About Ally Financial
Ally Financial Inc is a digital financial services company. The Company is a bank and financial holding company. Its segments include Automotive Finance operations, Insurance operations, Mortgage Finance operations, Corporate Finance operations, and Corporate and Other. The Automotive Finance operations segment provides the United States-based automotive financing services to consumers and automotive dealers, and automotive and equipment financing services to companies and municipalities.
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