Ally Financial Inc. (ALLY) Reaches New 12-Month High at $24.46
Ally Financial Inc. (NYSE:ALLY)’s share price hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $24.46 and last traded at $24.49, with a volume of 3,122,038 shares. The stock had previously closed at $24.42.
A number of research firms have recently commented on ALLY. Stephens cut Ally Financial from an “equal weight” rating to an “underweight” rating and cut their price objective for the company from $23.00 to $20.00 in a research report on Monday, July 17th. Sanford C. Bernstein reiterated an “outperform” rating and set a $31.00 target price (up previously from $30.00) on shares of Ally Financial in a research report on Sunday, July 30th. Piper Jaffray Companies reiterated a “buy” rating on shares of Ally Financial in a research report on Friday, July 28th. BidaskClub raised shares of Ally Financial from a “sell” rating to a “hold” rating in a research note on Tuesday, June 27th. Finally, Zacks Investment Research raised shares of Ally Financial from a “hold” rating to a “buy” rating and set a $26.00 price target on the stock in a research note on Tuesday, September 26th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, thirteen have given a buy rating and two have given a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $25.62.
The firm has a market capitalization of $11.75 billion, a P/E ratio of 12.48 and a beta of 1.43. The stock’s 50 day moving average is $22.75 and its 200 day moving average is $20.95.
Ally Financial (NYSE:ALLY) last announced its earnings results on Thursday, July 27th. The financial services provider reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.05. Ally Financial had a net margin of 13.83% and a return on equity of 7.55%. The firm had revenue of $1.46 billion during the quarter, compared to the consensus estimate of $1.42 billion. During the same quarter in the previous year, the company posted $0.54 EPS. Equities analysts expect that Ally Financial Inc. will post $2.27 earnings per share for the current year.
Ally Financial announced that its Board of Directors has approved a share repurchase program on Wednesday, June 28th that permits the company to buyback $760.00 million in shares. This buyback authorization permits the financial services provider to purchase up to 7.5% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.
Several large investors have recently bought and sold shares of ALLY. Vanguard Group Inc. lifted its stake in shares of Ally Financial by 10.2% during the first quarter. Vanguard Group Inc. now owns 38,532,959 shares of the financial services provider’s stock valued at $783,374,000 after buying an additional 3,551,308 shares during the period. BlackRock Inc. boosted its position in Ally Financial by 1,072.5% during the first quarter. BlackRock Inc. now owns 23,195,719 shares of the financial services provider’s stock worth $471,567,000 after acquiring an additional 21,217,360 shares during the last quarter. Franklin Resources Inc. boosted its position in Ally Financial by 1.1% during the second quarter. Franklin Resources Inc. now owns 19,424,589 shares of the financial services provider’s stock worth $405,975,000 after acquiring an additional 209,001 shares during the last quarter. Canada Pension Plan Investment Board boosted its position in Ally Financial by 36.6% during the second quarter. Canada Pension Plan Investment Board now owns 9,244,175 shares of the financial services provider’s stock worth $193,203,000 after acquiring an additional 2,476,190 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its position in Ally Financial by 28.3% during the second quarter. Bank of New York Mellon Corp now owns 8,569,466 shares of the financial services provider’s stock worth $179,101,000 after acquiring an additional 1,889,510 shares during the last quarter.
Ally Financial Company Profile
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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