Teacher Retirement System of Texas Boosts Stake in Ally Financial Inc. (NYSE:ALLY)
Teacher Retirement System of Texas increased its position in Ally Financial Inc. (NYSE:ALLY) by 35.1% during the second quarter, Holdings Channel reports. The firm owned 1,535,156 shares of the financial services provider’s stock after buying an additional 398,480 shares during the period. Teacher Retirement System of Texas’ holdings in Ally Financial were worth $32,085,000 at the end of the most recent quarter.
Several other institutional investors also recently modified their holdings of the company. Glen Harbor Capital Management LLC bought a new position in shares of Ally Financial during the first quarter worth approximately $399,000. ProShare Advisors LLC raised its position 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 bought a new position in shares of Ally Financial during the first quarter worth approximately $1,038,000. Candriam Luxembourg S.C.A. increased its position in 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 in the last quarter. Finally, Northern Capital Management LLC acquired a new position in Ally Financial during the first quarter worth about $1,760,000.
Shares of Ally Financial Inc. (NYSE:ALLY) opened at 22.01 on Friday. The firm has a 50-day moving average of $21.71 and a 200 day moving average of $20.80. The firm has a market capitalization of $10.56 billion, a P/E ratio of 11.22 and a beta of 1.42. Ally Financial Inc. has a 52 week low of $16.68 and a 52 week high of $23.62.
Ally Financial (NYSE:ALLY) last posted its quarterly earnings results on Thursday, July 27th. The financial services provider reported $0.58 EPS for the quarter, topping the consensus estimate of $0.53 by $0.05. Ally Financial had a net margin of 13.83% and a return on equity of 7.55%. The company had revenue of $1.46 billion during the quarter, compared to analysts’ expectations of $1.42 billion. During the same quarter in the previous year, the business posted $0.54 EPS. On average, equities research analysts expect that Ally Financial Inc. will post $2.27 EPS for the current fiscal year.
Ally Financial declared that its board has approved a stock repurchase program on Wednesday, June 28th that permits the company to buyback $760.00 million in shares. This buyback authorization permits the financial services provider to reacquire up to 7.5% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s leadership believes its stock is undervalued.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, August 15th. Shareholders of record on Tuesday, August 1st will be issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 2.18%. 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. Ally Financial’s payout ratio is 24.49%.
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A number of research firms have recently issued reports on ALLY. BidaskClub upgraded shares of Ally Financial from a “hold” rating to a “buy” rating in a research note on Wednesday, August 2nd. Sanford C. Bernstein reiterated an “outperform” rating and set 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 reiterated a “buy” rating on shares of Ally Financial in a research note on Friday, July 28th. TheStreet upgraded shares of Ally Financial from a “c” rating to a “b-” rating in a research note on Wednesday, July 19th. Finally, Stephens downgraded shares of Ally Financial from an “equal weight” rating to an “underweight” rating and dropped their price objective for the company 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 company’s stock. Ally Financial currently has a consensus rating of “Buy” and a consensus price target 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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