Ally Financial (NYSE:ALLY) Hits New 52-Week High – Here’s What Happened
by Teresa Graham · The Cerbat GemAlly Financial Inc. (NYSE:ALLY – Get Free Report) shares reached a new 52-week high on Monday . The company traded as high as $46.87 and last traded at $47.04, with a volume of 156713 shares traded. The stock had previously closed at $45.76.
Wall Street Analyst Weigh In
Several research analysts recently weighed in on the stock. Truist Financial upped their target price on shares of Ally Financial from $47.00 to $51.00 and gave the stock a “buy” rating in a report on Monday, December 22nd. Weiss Ratings reissued a “hold (c+)” rating on shares of Ally Financial in a research note on Monday, December 29th. Cowen raised shares of Ally Financial from a “hold” rating to a “buy” rating in a report on Monday, October 20th. Morgan Stanley set a $53.00 target price on shares of Ally Financial and gave the stock an “overweight” rating in a report on Tuesday, December 16th. Finally, Wall Street Zen downgraded shares of Ally Financial from a “buy” rating to a “hold” rating in a report on Sunday, November 9th. Twelve investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, Ally Financial has an average rating of “Moderate Buy” and a consensus target price of $47.13.
Read Our Latest Analysis on ALLY
Ally Financial Stock Performance
The business’s fifty day moving average price is $42.04 and its two-hundred day moving average price is $40.61. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.92 and a current ratio of 0.92. The stock has a market capitalization of $14.45 billion, a P/E ratio of 28.27, a P/E/G ratio of 0.22 and a beta of 1.17.
Ally Financial (NYSE:ALLY – Get Free Report) last released its quarterly earnings results on Monday, July 28th. The financial services provider reported $0.99 EPS for the quarter. Ally Financial had a return on equity of 9.96% and a net margin of 8.10%.The company had revenue of $2.06 billion during the quarter. As a group, sell-side analysts forecast that Ally Financial Inc. will post 3.57 earnings per share for the current year.
Ally Financial Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, November 14th. Shareholders of record on Friday, October 31st were paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 2.6%. The ex-dividend date of this dividend was Friday, October 31st. Ally Financial’s payout ratio is presently 72.29%.
Ally Financial declared that its board has authorized a share buyback plan 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 stock through open market purchases. Stock buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.
Insider Activity at Ally Financial
In related news, insider Kathleen L. Patterson sold 29,000 shares of the company’s stock in a transaction dated Wednesday, October 22nd. The shares were sold at an average price of $40.86, for a total transaction of $1,184,940.00. Following the transaction, the insider directly owned 100,203 shares in the company, valued at approximately $4,094,294.58. This represents a 22.45% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.56% of the company’s stock.
Institutional Trading of Ally Financial
Institutional investors have recently added to or reduced their stakes in the company. Allworth Financial LP lifted its position in shares of Ally Financial by 385.2% in the second quarter. Allworth Financial LP now owns 752 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 597 shares in the last quarter. Mather Group LLC. bought a new position in Ally Financial in the third quarter valued at $31,000. Hantz Financial Services Inc. increased its stake in Ally Financial by 662.0% in the 2nd quarter. Hantz Financial Services Inc. now owns 823 shares of the financial services provider’s stock valued at $32,000 after buying an additional 715 shares during the last quarter. Westside Investment Management Inc. lifted its position in Ally Financial by 116.8% during the 2nd quarter. Westside Investment Management Inc. now owns 837 shares of the financial services provider’s stock worth $34,000 after buying an additional 451 shares in the last quarter. Finally, MAI Capital Management boosted its stake in shares of Ally Financial by 45.1% during the 2nd quarter. MAI Capital Management now owns 975 shares of the financial services provider’s stock worth $38,000 after buying an additional 303 shares during the last quarter. Institutional investors own 88.76% of the company’s stock.
About Ally Financial
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.