Bank of Nova Scotia Buys 107,092 Shares of Ally Financial Inc. $ALLY

Bank of Nova Scotia boosted its position in Ally Financial Inc. (NYSE:ALLY) by 40.2% during the first quarter, Holdings Channel.com reports. The fund owned 373,723 shares of the financial services provider’s stock after acquiring an additional 107,092 shares during the period. Bank of Nova Scotia’s holdings in Ally Financial were worth $14,661,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ALLY. Lido Advisors LLC boosted its position in Ally Financial by 100.5% during the 1st quarter. Lido Advisors LLC now owns 14,146 shares of the financial services provider’s stock valued at $555,000 after acquiring an additional 7,091 shares in the last quarter. Cetera Investment Advisers raised its position in shares of Ally Financial by 8.2% in the 1st quarter. Cetera Investment Advisers now owns 75,379 shares of the financial services provider’s stock worth $2,957,000 after purchasing an additional 5,725 shares during the last quarter. Meeder Asset Management Inc. grew its holdings in shares of Ally Financial by 41.0% during the first quarter. Meeder Asset Management Inc. now owns 167,468 shares of the financial services provider’s stock valued at $6,570,000 after buying an additional 48,673 shares during the last quarter. Meeder Advisory Services Inc. raised its stake in shares of Ally Financial by 37.5% in the first quarter. Meeder Advisory Services Inc. now owns 8,581 shares of the financial services provider’s stock worth $337,000 after purchasing an additional 2,340 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in Ally Financial by 3.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 9,018,580 shares of the financial services provider’s stock valued at $353,776,000 after acquiring an additional 309,638 shares during the period. Hedge funds and other institutional investors own 88.76% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on ALLY shares. Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $58.00 price target on shares of Ally Financial in a research note on Wednesday. Morgan Stanley boosted their price target on Ally Financial from $53.00 to $55.00 and gave the stock an “overweight” rating in a report on Monday, April 20th. Wells Fargo & Company boosted their target price on Ally Financial from $52.00 to $55.00 and gave the stock an “overweight” rating in a research report on Friday, June 26th. Royal Bank Of Canada boosted their target price on shares of Ally Financial from $52.00 to $55.00 and gave the stock an “outperform” rating in a report on Friday, July 10th. Finally, Wall Street Zen lowered Ally Financial from a “buy” rating to a “hold” rating in a report on Monday, June 8th. Fourteen equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $53.86.

Insider Transactions at Ally Financial

In related news, insider Stephanie N. Richard sold 5,000 shares of the business’s stock in a transaction on Friday, May 15th. The stock was sold at an average price of $42.14, for a total transaction of $210,700.00. Following the transaction, the insider directly owned 93,927 shares in the company, valued at $3,958,083.78. The trade was a 5.05% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.46% of the company’s stock.

Ally Financial Price Performance

Shares of ALLY stock opened at $42.88 on Friday. The company has a current ratio of 0.92, a quick ratio of 0.93 and a debt-to-equity ratio of 1.26. The stock has a market capitalization of $13.14 billion, a price-to-earnings ratio of 10.11, a P/E/G ratio of 0.26 and a beta of 1.09. The stock has a fifty day simple moving average of $44.30 and a two-hundred day simple moving average of $42.62. Ally Financial Inc. has a twelve month low of $35.92 and a twelve month high of $47.29.

Ally Financial (NYSE:ALLY) last posted its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $1.21 EPS for the quarter, missing the consensus estimate of $1.22 by ($0.01). The business had revenue of $2.28 billion during the quarter, compared to the consensus estimate of $2.22 billion. Ally Financial had a net margin of 16.75% and a return on equity of 11.75%. The company’s revenue for the quarter was up 9.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.99 EPS. On average, analysts predict that Ally Financial Inc. will post 5.19 EPS for the current fiscal year.

Ally Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Friday, July 31st will be issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date is Friday, July 31st. Ally Financial’s dividend payout ratio (DPR) is currently 28.30%.

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.