Truist Financial Issues Pessimistic Forecast for Ally Financial (NYSE:ALLY) Stock Price

Ally Financial (NYSE:ALLY) had its price target cut by stock analysts at Truist Financial from $51.00 to $50.00 in a research report issued on Monday, MarketBeat.com reports. The firm presently has a “buy” rating on the financial services provider’s stock. Truist Financial’s price objective indicates a potential upside of 16.61% from the company’s previous close.

Several other research firms also recently issued reports on ALLY. Evercore ISI raised Ally Financial from an “in-line” rating to an “outperform” rating and upped their price objective for the company from $48.00 to $53.00 in a research note on Tuesday, January 6th. JPMorgan Chase & Co. boosted their price objective on Ally Financial from $43.00 to $48.00 and gave the stock an “overweight” rating in a research report on Monday, January 12th. Morgan Stanley set a $53.00 price objective on shares of Ally Financial and gave the company an “overweight” rating in a research note on Tuesday, December 16th. The Goldman Sachs Group reissued a “neutral” rating and issued a $55.00 price target on shares of Ally Financial in a report on Tuesday, January 6th. Finally, Barclays raised their price target on Ally Financial from $44.00 to $54.00 and gave the company an “equal weight” rating in a report on Monday, January 5th. Fourteen equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Ally Financial currently has a consensus rating of “Moderate Buy” and a consensus price target of $50.44.

Ally Financial Price Performance

Shares of ALLY opened at $42.88 on Monday. The stock has a market capitalization of $13.21 billion, a P/E ratio of 18.25, a P/E/G ratio of 0.21 and a beta of 1.17. The company has a 50 day moving average of $43.60 and a 200-day moving average of $41.16. 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 has a twelve month low of $29.52 and a twelve month high of $47.27.

Ally Financial (NYSE:ALLY) last issued its earnings results on Wednesday, January 21st. The financial services provider reported $1.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.01 by $0.08. The company had revenue of $2.17 billion for the quarter, compared to analysts’ expectations of $2.15 billion. Ally Financial had a net margin of 10.77% and a return on equity of 10.40%. Ally Financial’s quarterly revenue was up 4.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.78 EPS. As a group, equities research analysts forecast that Ally Financial will post 3.57 EPS for the current fiscal year.

Ally Financial announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, December 10th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 15.3% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s management believes its shares are undervalued.

Insider Transactions at Ally Financial

In other Ally Financial news, CEO Michael George Rhodes purchased 23,800 shares of the stock in a transaction on Friday, January 23rd. The stock was acquired at an average price of $41.68 per share, with a total value of $991,984.00. Following the completion of the acquisition, the chief executive officer owned 49,434 shares in the company, valued at $2,060,409.12. The trade was a 92.85% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 0.56% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Allworth Financial LP raised its position in Ally Financial by 385.2% in the second quarter. Allworth Financial LP now owns 752 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 597 shares during the period. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Ally Financial during the fourth quarter worth approximately $29,000. Mather Group LLC. acquired a new stake in shares of Ally Financial during the third quarter worth about $31,000. Hantz Financial Services Inc. raised its position in Ally Financial by 662.0% in the 2nd quarter. Hantz Financial Services Inc. now owns 823 shares of the financial services provider’s stock valued at $32,000 after purchasing an additional 715 shares during the last quarter. Finally, Westside Investment Management Inc. increased its holdings in shares of Ally Financial by 116.8% in the second quarter. Westside Investment Management Inc. now owns 837 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 451 shares during the period. 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.