Wedge Capital Management L L P NC Trims Stake in Ally Financial Inc. $ALLY

Wedge Capital Management L L P NC reduced its stake in Ally Financial Inc. (NYSE:ALLY) by 7.2% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,121,186 shares of the financial services provider’s stock after selling 87,203 shares during the quarter. Ally Financial makes up approximately 0.7% of Wedge Capital Management L L P NC’s investment portfolio, making the stock its 28th biggest position. Wedge Capital Management L L P NC owned approximately 0.36% of Ally Financial worth $43,950,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently bought and sold shares of ALLY. Arrowstreet Capital Limited Partnership increased its position in Ally Financial by 39.3% in the second quarter. Arrowstreet Capital Limited Partnership now owns 5,400,560 shares of the financial services provider’s stock worth $210,352,000 after buying an additional 1,523,425 shares in the last quarter. Jacobs Levy Equity Management Inc. grew its stake in shares of Ally Financial by 10.9% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 4,658,877 shares of the financial services provider’s stock valued at $169,909,000 after acquiring an additional 456,698 shares during the period. First Manhattan CO. LLC. increased its holdings in Ally Financial by 0.8% in the 1st quarter. First Manhattan CO. LLC. now owns 4,258,760 shares of the financial services provider’s stock worth $155,317,000 after acquiring an additional 32,121 shares in the last quarter. Bank of America Corp DE raised its stake in Ally Financial by 38.9% during the 2nd quarter. Bank of America Corp DE now owns 3,771,190 shares of the financial services provider’s stock worth $146,888,000 after acquiring an additional 1,056,060 shares during the period. Finally, Millennium Management LLC lifted its holdings in Ally Financial by 234.7% during the first quarter. Millennium Management LLC now owns 3,752,066 shares of the financial services provider’s stock valued at $136,838,000 after purchasing an additional 2,630,981 shares in the last quarter. 88.76% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Ally Financial

In other news, insider Kathleen L. Patterson sold 29,000 shares of the company’s stock in a transaction that occurred on Wednesday, October 22nd. The stock was sold at an average price of $40.86, for a total transaction of $1,184,940.00. Following the sale, the insider directly owned 100,203 shares of the company’s stock, valued at $4,094,294.58. This represents a 22.45% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.67% of the stock is currently owned by insiders.

Ally Financial Stock Up 0.5%

Shares of ALLY stock opened at $45.66 on Friday. The company’s fifty day simple moving average is $40.87 and its two-hundred day simple moving average is $39.91. Ally Financial Inc. has a 52 week low of $29.52 and a 52 week high of $46.24. The stock has a market cap of $14.07 billion, a P/E ratio of 27.51, a PEG ratio of 0.32 and a beta of 1.22. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 1.31.

Ally Financial (NYSE:ALLY) last issued its quarterly earnings data on Monday, July 28th. The financial services provider reported $0.99 earnings per share for the quarter. The firm had revenue of $2.06 billion during the quarter. Ally Financial had a return on equity of 9.96% and a net margin of 8.10%. Analysts predict that Ally Financial Inc. will post 3.57 EPS for the current fiscal year.

Ally Financial announced that its board has initiated a share buyback plan on Wednesday, December 10th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 15.3% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

Ally Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 14th. Shareholders of record on Friday, October 31st were paid a $0.30 dividend. The ex-dividend date of this dividend was Friday, October 31st. This represents a $1.20 dividend on an annualized basis and a yield of 2.6%. Ally Financial’s payout ratio is presently 72.29%.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Weiss Ratings reissued a “buy (b-)” rating on shares of Ally Financial in a research note on Monday, December 15th. Cowen raised shares of Ally Financial from a “hold” rating to a “buy” rating in a report on Monday, October 20th. Morgan Stanley set a $53.00 price target on Ally Financial and gave the company an “overweight” rating in a report on Tuesday. Wells Fargo & Company upgraded Ally Financial from a “hold” rating to an “overweight” rating in a research report on Wednesday. Finally, Evercore ISI cut their target price on Ally Financial from $45.00 to $44.00 and set an “in-line” rating for the company in a research report on Tuesday, September 30th. Thirteen research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $46.20.

Ally Financial Company Profile

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.