Bank of America Forecasts Strong Price Appreciation for Ally Financial (NYSE:ALLY) Stock

Ally Financial (NYSE:ALLY) had its price target lifted by equities research analysts at Bank of America from $51.00 to $52.00 in a research report issued on Friday,Benzinga reports. The firm presently has a “buy” rating on the financial services provider’s stock. Bank of America‘s target price would suggest a potential upside of 26.17% from the company’s current price.

Several other brokerages have also recently issued reports on ALLY. Evercore dropped their price objective on Ally Financial from $53.00 to $51.00 and set an “outperform” rating on the stock in a research note on Thursday, February 5th. Barclays increased their price objective on Ally Financial from $44.00 to $54.00 and gave the stock an “equal weight” rating in a research note on Monday, January 5th. Deutsche Bank Aktiengesellschaft increased their price objective on Ally Financial from $55.00 to $57.00 and gave the stock a “buy” rating in a research note on Thursday, January 22nd. UBS Group set a $48.00 target price on Ally Financial in a research report on Monday, January 12th. Finally, TD Cowen reaffirmed a “buy” rating on shares of Ally Financial in a research report on Thursday, January 8th. Twelve research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $53.29.

Ally Financial Stock Down 1.4%

Shares of NYSE:ALLY opened at $41.21 on Friday. Ally Financial has a 52-week low of $29.91 and a 52-week high of $47.27. The stock has a market cap of $12.69 billion, a P/E ratio of 17.54, a price-to-earnings-growth ratio of 0.21 and a beta of 1.14. The business’s 50 day moving average is $39.99 and its 200 day moving average is $41.20. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 1.30.

Ally Financial (NYSE:ALLY) last announced its quarterly earnings data on Wednesday, January 21st. The financial services provider reported $1.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.01 by $0.08. Ally Financial had a return on equity of 10.40% and a net margin of 10.77%.The company had revenue of $2.17 billion for the quarter, compared to analysts’ expectations of $2.15 billion. During the same quarter in the prior year, the firm earned $0.78 earnings per share. Ally Financial’s revenue was up 4.8% compared to the same quarter last year. Sell-side analysts predict that Ally Financial will post 3.57 EPS for the current year.

Insider Buying and Selling at Ally Financial

In related news, CEO Michael George Rhodes bought 23,800 shares of the company’s stock in a transaction on Friday, January 23rd. The shares were acquired at an average price of $41.68 per share, with a total value of $991,984.00. Following the transaction, the chief executive officer owned 49,434 shares of the company’s stock, valued at $2,060,409.12. The trade was a 92.85% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Russell E. Hutchinson bought 11,566 shares of the company’s stock in a transaction on Tuesday, January 27th. The shares were bought at an average cost of $43.17 per share, for a total transaction of $499,304.22. Following the transaction, the chief financial officer directly owned 225,336 shares in the company, valued at approximately $9,727,755.12. This represents a 5.41% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 0.46% of the stock is currently owned by company insiders.

Institutional Trading of Ally Financial

Hedge funds and other institutional investors have recently made changes to their positions in the business. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Ally Financial during the 4th quarter valued at $29,000. Fideuram Asset Management Ireland dac purchased a new stake in shares of Ally Financial during the 4th quarter valued at $35,000. Mather Group LLC. purchased a new stake in shares of Ally Financial during the 3rd quarter valued at $31,000. Safe Harbor Fiduciary LLC purchased a new stake in shares of Ally Financial during the 4th quarter valued at $37,000. Finally, Harvest Fund Management Co. Ltd purchased a new stake in shares of Ally Financial during the 4th quarter valued at $38,000. Hedge funds and other 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.