Canada Pension Plan Investment Board Acquires 2,476,190 Shares of Ally Financial Inc. (NYSE:ALLY)
Canada Pension Plan Investment Board raised its stake in Ally Financial Inc. (NYSE:ALLY) by 36.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 9,244,175 shares of the financial services provider’s stock after buying an additional 2,476,190 shares during the period. Canada Pension Plan Investment Board’s holdings in Ally Financial were worth $193,203,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. ProShare Advisors LLC boosted its stake in shares of Ally Financial by 6.8% in the first quarter. ProShare Advisors LLC now owns 70,632 shares of the financial services provider’s stock worth $1,436,000 after buying an additional 4,476 shares during the period. Korea Investment CORP purchased a new stake in shares of Ally Financial during the first quarter worth about $1,038,000. Candriam Luxembourg S.C.A. boosted its stake in shares of Ally Financial by 22.1% in the first quarter. Candriam Luxembourg S.C.A. now owns 36,193 shares of the financial services provider’s stock worth $736,000 after buying an additional 6,552 shares during the period. Northern Capital Management LLC purchased a new stake in shares of Ally Financial during the first quarter worth about $1,760,000. Finally, State of Alaska Department of Revenue purchased a new stake in shares of Ally Financial during the first quarter worth about $426,000.
Ally Financial Inc. (ALLY) opened at 22.76 on Thursday. The stock has a market capitalization of $10.92 billion, a PE ratio of 11.60 and a beta of 1.42. The company’s 50-day moving average is $21.60 and its 200 day moving average is $20.77. Ally Financial Inc. has a 1-year low of $16.68 and a 1-year high of $23.62.
Ally Financial (NYSE:ALLY) last posted its quarterly earnings data on Thursday, July 27th. The financial services provider reported $0.58 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.53 by $0.05. The company had revenue of $1.46 billion during the quarter, compared to analysts’ expectations of $1.42 billion. Ally Financial had a net margin of 13.83% and a return on equity of 7.55%. During the same period in the prior year, the business posted $0.54 earnings per share. Equities analysts predict that Ally Financial Inc. will post $2.27 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 15th. Shareholders of record on Tuesday, August 1st will be given a dividend of $0.12 per share. The ex-dividend date of this dividend is Friday, July 28th. This is a boost from Ally Financial’s previous quarterly dividend of $0.08. This represents a $0.48 dividend on an annualized basis and a yield of 2.11%. Ally Financial’s dividend payout ratio is currently 24.49%.
Ally Financial declared that its board has authorized a share buyback program on Wednesday, June 28th that authorizes the company to buyback $760.00 million in shares. This buyback authorization authorizes the financial services provider to purchase up to 7.5% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its stock is undervalued.
A number of analysts have recently issued reports on the stock. BidaskClub raised shares of Ally Financial from a “hold” rating to a “buy” rating in a research note on Wednesday, August 2nd. Sanford C. Bernstein reissued an “outperform” rating and issued a $31.00 price objective (up from $30.00) on shares of Ally Financial in a research note on Sunday, July 30th. Piper Jaffray Companies reissued a “buy” rating on shares of Ally Financial in a research note on Friday, July 28th. TheStreet raised shares of Ally Financial from a “c” rating to a “b-” rating in a research note on Wednesday, July 19th. Finally, Stephens cut shares of Ally Financial from an “equal weight” rating to an “underweight” rating and reduced their price objective for the stock from $23.00 to $20.00 in a research note on Monday, July 17th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and thirteen have given a buy rating to the stock. Ally Financial presently has a consensus rating of “Buy” and a consensus target price of $25.07.
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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