Ally Financial (NYSE:ALLY) Sets New 52-Week High on Analyst Upgrade

Ally Financial Inc. (NYSE:ALLY)’s stock price reached a new 52-week high on Monday after Citigroup raised their price target on the stock from $59.00 to $70.00. Citigroup currently has a buy rating on the stock. Ally Financial traded as high as $43.04 and last traded at $42.85, with a volume of 259267 shares trading hands. The stock had previously closed at $42.22.

ALLY has been the topic of a number of other reports. JPMorgan Chase & Co. lifted their price target on Ally Financial from $44.00 to $45.00 and gave the company an “overweight” rating in a research note on Monday, July 21st. Morgan Stanley reissued an “overweight” rating and set a $47.00 price target (up from $39.00) on shares of Ally Financial in a research note on Thursday, July 10th. Truist Financial lifted their price target on Ally Financial from $44.00 to $45.00 and gave the company a “buy” rating in a research note on Thursday, July 24th. Royal Bank Of Canada reissued an “outperform” rating on shares of Ally Financial in a research note on Monday, July 14th. Finally, BTIG Research raised Ally Financial from a “sell” rating to a “neutral” rating in a research note on Monday, July 14th. Nine investment analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to data from MarketBeat, Ally Financial presently has a consensus rating of “Moderate Buy” and an average target price of $44.40.

Hedge Funds Weigh In On Ally Financial

A number of hedge funds have recently made changes to their positions in ALLY. Wellington Management Group LLP bought a new position in shares of Ally Financial during the first quarter worth about $253,881,000. Millennium Management LLC raised its position in shares of Ally Financial by 234.7% during the first quarter. Millennium Management LLC now owns 3,752,066 shares of the financial services provider’s stock worth $136,838,000 after acquiring an additional 2,630,981 shares during the last quarter. Norges Bank bought a new stake in Ally Financial in the second quarter worth approximately $95,897,000. Arrowstreet Capital Limited Partnership increased its holdings in Ally Financial by 39.3% in the second quarter. Arrowstreet Capital Limited Partnership now owns 5,400,560 shares of the financial services provider’s stock worth $210,352,000 after purchasing an additional 1,523,425 shares in the last quarter. Finally, Marshall Wace LLP bought a new stake in Ally Financial in the second quarter worth approximately $51,661,000. 88.76% of the stock is currently owned by institutional investors.

Ally Financial Stock Performance

The firm has a market capitalization of $13.26 billion, a P/E ratio of 27.97, a P/E/G ratio of 0.33 and a beta of 1.13. The stock has a fifty day simple moving average of $39.59 and a two-hundred day simple moving average of $36.66. The company has a debt-to-equity ratio of 1.30, a current ratio of 0.92 and a quick ratio of 0.92.

Ally Financial (NYSE:ALLY) last issued its earnings results on Friday, July 18th. The financial services provider reported $0.99 earnings per share for the quarter, topping analysts’ consensus estimates of $0.78 by $0.21. The business had revenue of $2.08 billion during the quarter, compared to the consensus estimate of $2.03 billion. Ally Financial had a return on equity of 9.48% and a net margin of 7.64%.The firm’s revenue for the quarter was up 3.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.97 earnings per share. On average, research analysts predict that Ally Financial Inc. will post 3.57 EPS for the current year.

Ally Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Friday, August 1st were issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date was Friday, August 1st. Ally Financial’s payout ratio is presently 77.92%.

Ally Financial Company Profile

Ally Financial Inc, a digital financial-services company, provides various digital financial products and services in the United States, Canada, and Bermuda. The company operates through Automotive Finance Operations, Insurance Operations, Mortgage Finance Operations, and Corporate Finance Operations segments.