Ally Financial Inc. (ALLY) Stake Boosted by Wedge Capital Management L L P NC
Wedge Capital Management L L P NC raised its position in Ally Financial Inc. (NYSE:ALLY) by 4.5% during the second quarter, Holdings Channel reports. The firm owned 7,536,055 shares of the financial services provider’s stock after buying an additional 326,850 shares during the period. Ally Financial accounts for about 1.5% of Wedge Capital Management L L P NC’s portfolio, making the stock its 5th largest position. Wedge Capital Management L L P NC’s holdings in Ally Financial were worth $157,504,000 as of its most recent filing with the SEC.
A number of other institutional investors have also made changes to their positions in ALLY. FTB Advisors Inc. increased its position 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 increased its position 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 increased its position 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. increased its position 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. acquired a new position in shares of Ally Financial during the second quarter worth $208,000.
Shares of Ally Financial Inc. (ALLY) opened at 22.12 on Friday. The company has a market capitalization of $10.61 billion, a PE ratio of 11.27 and a beta of 1.42. Ally Financial Inc. has a 52 week low of $16.68 and a 52 week high of $23.62. The company has a 50 day moving average price of $21.66 and a 200 day moving average price of $20.78.
Ally Financial (NYSE:ALLY) last issued its earnings results on Thursday, July 27th. The financial services provider reported $0.58 EPS for the quarter, topping analysts’ consensus estimates of $0.53 by $0.05. The company had revenue of $1.46 billion for the quarter, compared to analysts’ expectations of $1.42 billion. Ally Financial had a net margin of 13.83% and a return on equity of 7.55%. During the same quarter last year, the company earned $0.54 EPS. On average, equities research analysts expect that Ally Financial Inc. will post $2.27 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 15th. Investors of record on Tuesday, August 1st will be given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 2.17%. The ex-dividend date is Friday, July 28th. This is a boost from Ally Financial’s previous quarterly dividend of $0.08. Ally Financial’s dividend payout ratio (DPR) is presently 24.49%.
Ally Financial declared that its Board of Directors has approved a share repurchase program 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 reacquire up to 7.5% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.
A number of equities analysts have weighed in on ALLY shares. TheStreet raised Ally Financial from a “c” rating to a “b-” rating in a research report on Wednesday, July 19th. Piper Jaffray Companies reissued a “buy” rating on shares of Ally Financial in a research report on Friday, July 28th. BMO Capital Markets reissued a “buy” rating and set a $26.00 price target on shares of Ally Financial in a research report on Tuesday, April 25th. BTIG Research reissued a “buy” rating and set a $30.00 price target on shares of Ally Financial in a research report on Saturday, April 22nd. Finally, Keefe, Bruyette & Woods reissued a “buy” rating and set a $24.00 price target on shares of Ally Financial in a research report on Tuesday, July 4th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and thirteen have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average 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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