Citigroup Cuts Ally Financial (NYSE:ALLY) Price Target to $50.00

Ally Financial (NYSE:ALLY) had its price target lowered by stock analysts at Citigroup from $58.00 to $50.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage presently has a “buy” rating on the financial services provider’s stock. Citigroup’s price objective indicates a potential upside of 29.89% from the stock’s previous close.

Other research analysts have also issued reports about the company. Bank of America upped their target price on Ally Financial from $52.00 to $53.00 and gave the stock a “buy” rating in a research report on Wednesday, July 8th. Raymond James Financial began coverage on Ally Financial in a report on Tuesday, September 1st. They set a “strong-buy” rating and a $55.00 price target for the company. Wells Fargo & Company boosted their price target on Ally Financial from $52.00 to $55.00 and gave the company an “overweight” rating in a research note on Friday, June 26th. Royal Bank Of Canada increased their price objective on Ally Financial from $52.00 to $55.00 and gave the stock an “outperform” rating in a report on Friday, July 10th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Ally Financial in a research report on Friday, September 18th. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $53.13.

Ally Financial Stock Down 0.6%

Shares of NYSE ALLY traded down $0.25 during mid-day trading on Friday, reaching $38.49. The company had a trading volume of 516,209 shares, compared to its average volume of 3,461,355. Ally Financial has a twelve month low of $35.92 and a twelve month high of $47.29. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.92 and a current ratio of 0.92. The stock has a market capitalization of $11.71 billion, a PE ratio of 9.08, a price-to-earnings-growth ratio of 0.24 and a beta of 1.09. The stock’s 50 day moving average is $42.87 and its 200-day moving average is $42.72.

Ally Financial (NYSE:ALLY) last announced its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $1.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.22 by ($0.01). The firm had revenue of $2.28 billion for the quarter, compared to analysts’ expectations of $2.22 billion. Ally Financial had a return on equity of 11.75% and a net margin of 16.75%.Ally Financial’s revenue was up 9.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.99 earnings per share. As a group, equities analysts anticipate that Ally Financial will post 5.2 earnings per share for the current fiscal year.

Insider Activity at Ally Financial

In other news, insider Stephanie Richard sold 5,000 shares of the stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $44.23, for a total value of $221,150.00. Following the completion of the sale, the insider directly owned 88,927 shares of the company’s stock, valued at approximately $3,933,241.21. This represents a 5.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.46% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Ally Financial

Hedge funds and other institutional investors have recently modified their holdings of the stock. QRG Capital Management Inc. grew its position in Ally Financial by 7.4% in the 2nd quarter. QRG Capital Management Inc. now owns 17,869 shares of the financial services provider’s stock worth $821,000 after purchasing an additional 1,234 shares during the last quarter. Sequoia Financial Advisors LLC increased its holdings in shares of Ally Financial by 4.3% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 13,197 shares of the financial services provider’s stock worth $606,000 after purchasing an additional 547 shares during the period. Cahill Financial Advisors Inc. acquired a new position in shares of Ally Financial during the second quarter valued at about $220,000. Integrated Wealth Concepts LLC raised its position in shares of Ally Financial by 2.0% during the second quarter. Integrated Wealth Concepts LLC now owns 50,534 shares of the financial services provider’s stock valued at $2,322,000 after buying an additional 969 shares during the last quarter. Finally, NewEdge Advisors LLC lifted its stake in shares of Ally Financial by 422.0% in the second quarter. NewEdge Advisors LLC now owns 8,842 shares of the financial services provider’s stock valued at $406,000 after buying an additional 7,148 shares during the period. Institutional investors and hedge funds own 88.76% of the company’s stock.

Ally Financial Company Profile

Ally Financial Inc is a digital financial services company headquartered in Detroit, Michigan. Through its subsidiaries, the company provides consumer and commercial financial products, with a primary focus on automotive financing and digital banking.

Ally’s automotive business offers retail installment sales contracts, consumer loans and leasing products through a network of automotive dealers. The company also provides dealer financing and related commercial lending services. Through Ally Bank, it offers deposit accounts, personal loans, mortgage products and other banking services, while Ally Invest provides self-directed investment and brokerage services to individuals.

The company serves customers primarily in the United States through digital platforms, dealer relationships and other distribution channels.