Ally Financial Inc. (ALLY) Upgraded to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Ally Financial Inc. (NYSE:ALLY) from a hold rating to a buy rating in a report published on Tuesday morning. They currently have $21.00 price objective on the stock.
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.”
A number of other brokerages have also recently weighed in on ALLY. Deutsche Bank AG restated a buy rating on shares of Ally Financial in a research note on Sunday, June 26th. Credit Suisse Group AG restated an outperform rating on shares of Ally Financial in a research note on Tuesday, July 5th. Barclays PLC restated an overweight rating and issued a $23.00 price objective on shares of Ally Financial in a research note on Sunday, July 10th. JPMorgan Chase & Co. restated a buy rating and issued a $27.00 price objective on shares of Ally Financial in a research note on Thursday, June 9th. Finally, BTIG Research restated a buy rating on shares of Ally Financial in a research note on Thursday, June 30th. Three investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. The company currently has a consensus rating of Buy and an average target price of $25.13.
Ally Financial (NYSE:ALLY) opened at 19.13 on Tuesday. Ally Financial has a 12-month low of $14.55 and a 12-month high of $21.21. The stock has a 50 day moving average of $19.29 and a 200 day moving average of $17.89. The firm’s market capitalization is $9.18 billion.
Ally Financial (NYSE:ALLY) last issued its quarterly earnings data on Tuesday, July 26th. The company reported $0.54 earnings per share for the quarter, topping the Zacks’ consensus estimate 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 period in the previous year, the business earned $0.46 earnings per share. Equities research analysts anticipate that Ally Financial will post $2.26 earnings per share for the current year.
Large investors have recently bought and sold shares of the company. Synovus Financial Corp raised its stake in Ally Financial by 0.4% in the second quarter. Synovus Financial Corp now owns 13,004 shares of the company’s stock valued at $225,000 after buying an additional 58 shares during the last quarter. Counsel Portfolio Services Inc. raised its stake in shares of Ally Financial by 3.8% in the second quarter. Counsel Portfolio Services Inc. now owns 19,713 shares of the company’s stock worth $337,000 after buying an additional 720 shares in the last quarter. Sumitomo Mitsui Asset Management Company LTD raised its stake in shares of Ally Financial by 3.1% in the second quarter. Sumitomo Mitsui Asset Management Company LTD now owns 30,429 shares of the company’s stock worth $519,000 after buying an additional 926 shares in the last quarter. OLD National Bancorp IN raised its stake in shares of Ally Financial by 4.7% in the first quarter. OLD National Bancorp IN now owns 21,792 shares of the company’s stock worth $408,000 after buying an additional 982 shares in the last quarter. Finally, Wetherby Asset Management Inc. raised its stake in shares of Ally Financial by 9.6% in the second quarter. Wetherby Asset Management Inc. now owns 11,816 shares of the company’s stock worth $202,000 after buying an additional 1,034 shares in the last quarter. 99.83% of the stock is currently owned by institutional investors and hedge funds.
Ally Financial Company Profile
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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