Ally Financial Inc. (ALLY) Upgraded by Zacks Investment Research to “Buy”
Ally Financial Inc. (NYSE:ALLY) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday. The firm currently has a $21.00 price objective on the stock. Zacks Investment Research’s price objective would indicate a potential upside of 9.49% from the company’s current price.
According to Zacks, “Ally Financial is undertaking a strategic transformation by strengthening its balance sheet and diversify growth avenues. The company has forayed into the credit card business and re-entered mortgage operations as well as acquired TradeKing to further enhance top-line growth. Additionally, initiation of its capital deployment activities (share repurchases and quarterly dividends) depicts capital strength. However, high debt levels may restrain the company’s ability to procure additional funds for working capital, acquisitions or other purposes. Also, stringent regulations and concentration risks will likely continue to weigh on the company’s near-term profitability.”
ALLY has been the topic of several other research reports. Jefferies Group reiterated a “buy” rating and set a $28.00 price objective on shares of Ally Financial in a report on Tuesday, September 13th. Deutsche Bank AG reiterated a “buy” rating and set a $23.00 price objective on shares of Ally Financial in a report on Thursday, August 18th. JPMorgan Chase & Co. reiterated a “buy” rating and set a $27.00 price objective on shares of Ally Financial in a report on Thursday, June 9th. BTIG Research reiterated a “buy” rating on shares of Ally Financial in a report on Thursday, June 30th. Finally, Credit Suisse Group AG reiterated an “outperform” rating on shares of Ally Financial in a report on Tuesday, July 5th. Three equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. Ally Financial has an average rating of “Buy” and an average target price of $25.13.
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Ally Financial (NYSE:ALLY) traded down 0.05% during trading on Tuesday, reaching $19.17. The company’s stock had a trading volume of 2,955,698 shares. The stock’s 50-day moving average is $19.25 and its 200 day moving average is $17.89. Ally Financial has a 12 month low of $14.55 and a 12 month high of $21.21. The company’s market cap is $9.20 billion.
Ally Financial (NYSE:ALLY) last issued its quarterly earnings results on Tuesday, July 26th. The company reported $0.54 EPS for the quarter, topping analysts’ consensus estimates of $0.51 by $0.03. Ally Financial had a net margin of 17.61% and a return on equity of 17.19%. During the same quarter last year, the firm earned $0.46 EPS. On average, equities analysts forecast that Ally Financial will post $2.26 EPS for the current fiscal year.
Several hedge funds have recently made changes to their positions in ALLY. Mizuho Asset Management Co. Ltd. raised its position in shares of Ally Financial by 176.4% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 6,999 shares of the company’s stock worth $119,000 after buying an additional 4,467 shares during the last quarter. Quantitative Systematic Strategies LLC bought a new position in shares of Ally Financial during the second quarter worth approximately $168,000. Barnett & Company Inc. bought a new position in shares of Ally Financial during the first quarter worth approximately $178,000. Dynamic Technology Lab Private Ltd bought a new position in shares of Ally Financial during the second quarter worth approximately $179,000. Finally, Seven Eight Capital LLC raised its position in shares of Ally Financial by 180.5% in the first quarter. Seven Eight Capital LLC now owns 10,412 shares of the company’s stock worth $195,000 after buying an additional 6,700 shares during the last quarter.
About Ally Financial
Ally Financial Inc is a financial holding company and a bank holding company. The Company’s banking subsidiary, Ally Bank, is a franchise in the Internet, telephone, mobile and mail banking market. The Company operates through three segments: Automotive Finance operations, Insurance operations and Mortgage operations.
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