Ally Financial (NYSE:ALLY) Price Target Raised to $55.00 at TD Cowen

Ally Financial (NYSE:ALLY) had its target price boosted by TD Cowen from $50.00 to $55.00 in a research note released on Thursday morning,Benzinga reports. The brokerage currently has a buy rating on the financial services provider’s stock.

ALLY has been the subject of several other reports. JPMorgan Chase & Co. increased their price objective on Ally Financial from $42.00 to $43.00 and gave the stock an “overweight” rating in a research note on Monday, October 20th. Wall Street Zen lowered shares of Ally Financial from a “buy” rating to a “hold” rating in a report on Sunday, November 9th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Ally Financial in a research report on Monday, December 29th. Keefe, Bruyette & Woods reduced their price target on shares of Ally Financial from $56.00 to $51.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 1st. Finally, Cowen reaffirmed a “buy” rating on shares of Ally Financial in a research note on Thursday. Thirteen equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, Ally Financial has an average rating of “Moderate Buy” and a consensus target price of $48.88.

Ally Financial Stock Down 1.3%

Shares of ALLY opened at $45.97 on Thursday. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 1.31. The company has a 50-day moving average price of $42.54 and a two-hundred day moving average price of $40.82. The stock has a market cap of $14.16 billion, a price-to-earnings ratio of 27.69, a P/E/G ratio of 0.23 and a beta of 1.17. Ally Financial has a 12 month low of $29.52 and a 12 month high of $47.27.

Ally Financial (NYSE:ALLY) last issued its earnings results on Monday, July 28th. The financial services provider reported $0.99 earnings per share (EPS) for the quarter. The business had revenue of $2.06 billion during the quarter. Ally Financial had a return on equity of 9.96% and a net margin of 8.10%. Equities analysts predict that Ally Financial will post 3.57 EPS for the current fiscal year.

Ally Financial announced that its Board of Directors has approved a share repurchase program on Wednesday, December 10th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 15.3% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In other Ally Financial news, insider Kathleen L. Patterson sold 29,000 shares of the business’s stock in a transaction dated Wednesday, October 22nd. The shares were sold at an average price of $40.86, for a total value of $1,184,940.00. Following the completion of the transaction, the insider directly owned 100,203 shares of the company’s stock, valued at approximately $4,094,294.58. The trade was a 22.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.67% of the company’s stock.

Institutional Trading of Ally Financial

Several hedge funds have recently modified their holdings of the stock. Norges Bank acquired a new stake in Ally Financial in the second quarter worth $95,897,000. Charles Schwab Investment Management Inc. increased its position in shares of Ally Financial by 3.1% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 2,384,980 shares of the financial services provider’s stock valued at $92,895,000 after buying an additional 72,444 shares in the last quarter. Sequoia Financial Advisors LLC raised its stake in Ally Financial by 19.8% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 7,029 shares of the financial services provider’s stock worth $274,000 after buying an additional 1,163 shares during the period. Acadian Asset Management LLC lifted its holdings in Ally Financial by 535.4% during the second quarter. Acadian Asset Management LLC now owns 933,988 shares of the financial services provider’s stock worth $36,372,000 after acquiring an additional 786,985 shares in the last quarter. Finally, 111 Capital bought a new position in Ally Financial during the second quarter worth about $490,000. 88.76% of the stock is owned by institutional investors.

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.