Ally Financial (NYSE:ALLY) Announces Quarterly Earnings Results

Ally Financial (NYSE:ALLY) announced its quarterly earnings data on Friday. The financial services provider reported $0.99 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.21, Zacks reports. Ally Financial had a return on equity of 9.53% and a net margin of 6.96%. The firm had revenue of $2.08 billion during the quarter, compared to the consensus estimate of $2.03 billion. During the same quarter in the previous year, the company posted $0.97 earnings per share. The business’s revenue was up 3.0% on a year-over-year basis.

Ally Financial Stock Down 0.9%

ALLY stock opened at $39.88 on Friday. The firm has a 50 day simple moving average of $37.33 and a 200-day simple moving average of $36.12. Ally Financial has a twelve month low of $29.52 and a twelve month high of $45.46. The company has a market capitalization of $12.25 billion, a P/E ratio of 25.90, a PEG ratio of 0.38 and a beta of 1.15. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 1.38.

Ally Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Friday, August 1st will be given a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 3.01%. The ex-dividend date is Friday, August 1st. Ally Financial’s payout ratio is 77.92%.

Insider Buying and Selling

In other news, insider Stephanie N. Richard sold 8,000 shares of the firm’s stock in a transaction on Wednesday, April 30th. The stock was sold at an average price of $32.14, for a total transaction of $257,120.00. Following the completion of the sale, the insider directly owned 90,387 shares of the company’s stock, valued at $2,905,038.18. This trade represents a 8.13% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Russell E. Hutchinson bought 8,200 shares of the business’s stock in a transaction on Tuesday, April 22nd. The stock was bought at an average price of $30.81 per share, with a total value of $252,642.00. Following the transaction, the chief financial officer owned 236,421 shares in the company, valued at approximately $7,284,131.01. This represents a 3.59% increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.67% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Ally Financial

A number of institutional investors have recently made changes to their positions in the business. NewEdge Advisors LLC boosted its holdings in Ally Financial by 22.8% during the first quarter. NewEdge Advisors LLC now owns 2,235 shares of the financial services provider’s stock valued at $82,000 after purchasing an additional 415 shares in the last quarter. Empowered Funds LLC boosted its position in Ally Financial by 11.1% in the 1st quarter. Empowered Funds LLC now owns 12,900 shares of the financial services provider’s stock valued at $470,000 after buying an additional 1,292 shares during the last quarter. Focus Partners Wealth acquired a new position in shares of Ally Financial in the 1st quarter valued at $259,000. Finally, Royal Bank of Canada lifted its stake in shares of Ally Financial by 106.5% in the 1st quarter. Royal Bank of Canada now owns 251,123 shares of the financial services provider’s stock valued at $9,158,000 after purchasing an additional 129,497 shares during the period. 88.76% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

ALLY has been the subject of a number of recent analyst reports. Royal Bank Of Canada restated an “outperform” rating on shares of Ally Financial in a report on Monday, July 14th. Bank of America decreased their price objective on Ally Financial from $42.00 to $38.00 and set a “buy” rating for the company in a report on Monday, April 7th. Wells Fargo & Company decreased their price objective on Ally Financial from $34.00 to $32.00 and set an “underweight” rating for the company in a report on Monday, April 21st. The Goldman Sachs Group increased their target price on Ally Financial from $45.00 to $50.00 and gave the stock a “buy” rating in a research note on Tuesday, April 1st. Finally, Morgan Stanley reissued an “overweight” rating and issued a $47.00 target price (up from $39.00) on shares of Ally Financial in a research note on Thursday, July 10th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Ally Financial currently has a consensus rating of “Hold” and an average target price of $42.67.

About Ally Financial

Ally Financial Inc, a digital financial-services company, provides various digital financial products and services in the United States, Canada, and Bermuda. The company operates through Automotive Finance Operations, Insurance Operations, Mortgage Finance Operations, and Corporate Finance Operations segments.