Ally Financial’s (ALLY) Buy Rating Reaffirmed at Credit Suisse Group
Ally Financial Inc. (NYSE:ALLY)‘s stock had its “buy” rating restated by investment analysts at Credit Suisse Group in a research report issued to clients and investors on Wednesday. They currently have a $28.00 price target on the financial services provider’s stock. Credit Suisse Group’s price target would suggest a potential upside of 15.42% from the stock’s current price.
Several other research analysts have also recently commented on the company. BidaskClub cut Ally Financial from a “buy” rating to a “hold” rating in a research note on Sunday, July 23rd. Stephens cut Ally Financial from an “equal weight” rating to an “underweight” rating and cut their price target for the stock from $23.00 to $20.00 in a research note on Monday, July 17th. TheStreet upgraded Ally Financial from a “c” rating to a “b-” rating in a research note on Wednesday, July 19th. Piper Jaffray Companies reiterated a “buy” rating on shares of Ally Financial in a research note on Friday, July 28th. Finally, Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $24.00 price target on shares of Ally Financial in a research note on Tuesday, July 4th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, thirteen have issued a buy rating and two have assigned a strong buy rating to the company. Ally Financial presently has an average rating of “Buy” and an average target price of $25.77.
Shares of Ally Financial (NYSE:ALLY) traded down 0.94% during midday trading on Wednesday, hitting $24.26. The stock had a trading volume of 2,377,427 shares. Ally Financial has a one year low of $16.68 and a one year high of $24.57. The stock has a 50 day moving average of $22.81 and a 200-day moving average of $20.98. The company has a market cap of $11.64 billion, a P/E ratio of 12.36 and a beta of 1.44.
Ally Financial (NYSE:ALLY) last released its quarterly earnings results on Thursday, July 27th. The financial services provider reported $0.58 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.53 by $0.05. Ally Financial had a return on equity of 7.55% and a net margin of 13.83%. The business had revenue of $1.46 billion for the quarter, compared to analysts’ expectations of $1.42 billion. During the same quarter in the previous year, the firm posted $0.54 earnings per share. Analysts forecast that Ally Financial will post $2.27 EPS for the current fiscal year.
Ally Financial announced that its Board of Directors has initiated a stock buyback plan on Wednesday, June 28th that permits the company to buyback $760.00 million in outstanding shares. This buyback authorization permits the financial services provider to buy up to 7.5% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. raised its stake in Ally Financial by 10.2% during the first quarter. Vanguard Group Inc. now owns 38,532,959 shares of the financial services provider’s stock valued at $783,374,000 after buying an additional 3,551,308 shares in the last quarter. BlackRock Inc. raised its position in shares of Ally Financial by 1,072.5% during the 1st quarter. BlackRock Inc. now owns 23,195,719 shares of the financial services provider’s stock worth $471,567,000 after purchasing an additional 21,217,360 shares during the period. Franklin Resources Inc. raised its position in shares of Ally Financial by 1.1% during the 2nd quarter. Franklin Resources Inc. now owns 19,424,589 shares of the financial services provider’s stock worth $405,975,000 after purchasing an additional 209,001 shares during the period. Canada Pension Plan Investment Board raised its position in shares of Ally Financial by 36.6% during the 2nd quarter. Canada Pension Plan Investment Board now owns 9,244,175 shares of the financial services provider’s stock worth $193,203,000 after purchasing an additional 2,476,190 shares during the period. Finally, Bank of New York Mellon Corp raised its position in shares of Ally Financial by 28.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 8,569,466 shares of the financial services provider’s stock worth $179,101,000 after purchasing an additional 1,889,510 shares during the period.
Ally Financial Company Profile
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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