BMO Capital Markets Reiterates “Buy” Rating for Ally Financial Inc. (ALLY)
Ally Financial Inc. (NYSE:ALLY)‘s stock had its “buy” rating reiterated by analysts at BMO Capital Markets in a research note issued on Friday. They presently have a $26.00 price objective on the financial services provider’s stock. BMO Capital Markets’ target price would suggest a potential upside of 14.29% from the company’s current price.
Other equities research analysts have also issued reports about the stock. TheStreet upgraded shares of Ally Financial from a “c” rating to a “b-” rating in a research report on Wednesday, July 19th. Jefferies Group LLC reiterated a “buy” rating and issued a $28.00 price objective on shares of Ally Financial in a research report on Wednesday. BidaskClub upgraded shares of Ally Financial from a “hold” rating to a “buy” rating in a research report on Wednesday, August 2nd. Piper Jaffray Companies reiterated a “buy” rating on shares of Ally Financial in a research report on Friday, July 28th. Finally, Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $24.00 price objective on shares of Ally Financial in a research report on Tuesday, July 4th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and thirteen have given a buy rating to the company’s stock. Ally Financial has an average rating of “Buy” and an average price target of $25.23.
Ally Financial (NYSE:ALLY) opened at 22.75 on Friday. Ally Financial has a 1-year low of $16.68 and a 1-year high of $23.62. The company’s 50 day moving average is $22.07 and its 200-day moving average is $20.91. The stock has a market cap of $10.92 billion, a PE ratio of 11.60 and a beta of 1.42.
Ally Financial (NYSE:ALLY) last released its quarterly earnings data on Thursday, July 27th. The financial services provider reported $0.58 EPS for the quarter, topping the consensus estimate of $0.53 by $0.05. Ally Financial had a net margin of 13.83% and a return on equity of 7.55%. The business had revenue of $1.46 billion for the quarter, compared to analyst estimates of $1.42 billion. During the same period in the previous year, the firm earned $0.54 EPS. Equities research analysts forecast that Ally Financial will post $2.27 earnings per share for the current fiscal year.
Ally Financial declared that its board has approved a share buyback plan on Wednesday, June 28th that authorizes the company to buyback $760.00 million in shares. This buyback authorization authorizes the financial services provider to reacquire up to 7.5% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board of directors believes its stock is undervalued.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Inc. increased its stake in Ally Financial by 1,072.5% in the first quarter. BlackRock Inc. now owns 23,195,719 shares of the financial services provider’s stock worth $471,567,000 after buying an additional 21,217,360 shares during the period. Iridian Asset Management LLC CT acquired a new stake in Ally Financial during the first quarter worth about $143,806,000. Canada Pension Plan Investment Board increased its stake in Ally Financial by 1,058.4% in the first quarter. Canada Pension Plan Investment Board now owns 6,767,985 shares of the financial services provider’s stock worth $137,593,000 after buying an additional 6,183,710 shares during the period. Harris Associates L P increased its stake in Ally Financial by 12.0% in the first quarter. Harris Associates L P now owns 40,594,446 shares of the financial services provider’s stock worth $825,285,000 after buying an additional 4,345,639 shares during the period. Finally, Hotchkis & Wiley Capital Management LLC increased its stake in Ally Financial by 262.5% in the second quarter. Hotchkis & Wiley Capital Management LLC now owns 5,275,900 shares of the financial services provider’s stock worth $110,266,000 after buying an additional 3,820,400 shares during the period.
About Ally Financial
Ally Financial Inc is a digital financial services company. The Company is a bank and financial holding company. Its segments include Automotive Finance operations, Insurance operations, Mortgage Finance operations, Corporate Finance operations, and Corporate and Other. The Automotive Finance operations segment provides the United States-based automotive financing services to consumers and automotive dealers, and automotive and equipment financing services to companies and municipalities.
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