Cresset Asset Management LLC Acquires Shares of 23,985 Ally Financial Inc. $ALLY

Cresset Asset Management LLC acquired a new stake in shares of Ally Financial Inc. (NYSE:ALLY) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 23,985 shares of the financial services provider’s stock, valued at approximately $940,000.

A number of other hedge funds also recently made changes to their positions in ALLY. Chung Wu Investment Group LLC increased its stake in Ally Financial by 224.1% in the 3rd quarter. Chung Wu Investment Group LLC now owns 38,890 shares of the financial services provider’s stock worth $1,524,000 after acquiring an additional 26,890 shares during the last quarter. Norges Bank purchased a new stake in shares of Ally Financial during the 2nd quarter worth approximately $95,897,000. Charles Schwab Investment Management Inc. boosted its position in shares of Ally Financial by 3.1% during 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 acquiring an additional 72,444 shares during the last quarter. Principal Financial Group Inc. boosted its position in shares of Ally Financial by 7.5% during the 3rd quarter. Principal Financial Group Inc. now owns 674,471 shares of the financial services provider’s stock valued at $26,439,000 after acquiring an additional 47,184 shares during the last quarter. Finally, Catalyst Funds Management Pty Ltd grew its holdings in shares of Ally Financial by 101.8% in the second quarter. Catalyst Funds Management Pty Ltd now owns 30,270 shares of the financial services provider’s stock valued at $1,179,000 after purchasing an additional 15,270 shares in the last quarter. 88.76% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

ALLY has been the topic of a number of recent research reports. BTIG Research reaffirmed a “neutral” rating on shares of Ally Financial in a research note on Tuesday, January 6th. Royal Bank Of Canada reissued an “outperform” rating and issued a $52.00 price objective on shares of Ally Financial in a research note on Monday, January 12th. 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. Truist Financial decreased their target price on shares of Ally Financial from $51.00 to $50.00 and set a “buy” rating on the stock in a research report on Monday, January 26th. Finally, Evercore lowered their price target on shares of Ally Financial from $53.00 to $51.00 and set an “outperform” rating for the company in a report on Thursday, February 5th. Thirteen analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, Ally Financial presently has an average rating of “Moderate Buy” and a consensus target price of $50.31.

Ally Financial Stock Down 2.6%

Shares of ALLY opened at $37.45 on Wednesday. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 1.30. The business has a fifty day moving average of $42.34 and a 200 day moving average of $41.70. The company has a market cap of $11.58 billion, a PE ratio of 15.94, a P/E/G ratio of 0.20 and a beta of 1.18. Ally Financial Inc. has a 52-week low of $29.52 and a 52-week high of $47.27.

Ally Financial (NYSE:ALLY) last posted its quarterly earnings data on Wednesday, January 21st. The financial services provider reported $1.09 earnings per share for the quarter, beating analysts’ consensus estimates of $1.01 by $0.08. Ally Financial had a net margin of 10.77% and a return on equity of 10.40%. The business had revenue of $2.17 billion for the quarter, compared to analysts’ expectations of $2.15 billion. During the same quarter in the previous year, the business posted $0.78 earnings per share. The business’s revenue was up 4.8% compared to the same quarter last year. On average, sell-side analysts expect that Ally Financial Inc. will post 3.57 EPS for the current year.

Ally Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, February 17th. Investors of record on Monday, February 2nd were issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 3.2%. The ex-dividend date was Monday, February 2nd. Ally Financial’s dividend payout ratio is presently 51.06%.

Ally Financial declared that its board has initiated a share buyback plan on Wednesday, December 10th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the financial services provider to buy up to 15.3% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

Insider Transactions at Ally Financial

In other news, CEO Michael George Rhodes acquired 23,800 shares of Ally Financial stock in a transaction that occurred on Friday, January 23rd. The shares were bought at an average cost of $41.68 per share, with a total value of $991,984.00. Following the transaction, the chief executive officer directly owned 49,434 shares of the company’s stock, valued at $2,060,409.12. This trade represents a 92.85% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, CFO Russell E. Hutchinson acquired 11,566 shares of the firm’s stock in a transaction on Tuesday, January 27th. The stock was purchased at an average cost of $43.17 per share, with a total value of $499,304.22. Following the purchase, the chief financial officer owned 225,336 shares of the company’s stock, valued at $9,727,755.12. The trade was a 5.41% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Corporate insiders own 0.56% 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.