State of Michigan Retirement System Cuts Stake in Ally Financial Inc. $ALLY

State of Michigan Retirement System cut its holdings in Ally Financial Inc. (NYSE:ALLY) by 8.4% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 66,500 shares of the financial services provider’s stock after selling 6,064 shares during the quarter. State of Michigan Retirement System’s holdings in Ally Financial were worth $2,590,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the business. Dimensional Fund Advisors LP lifted its position in shares of Ally Financial by 1.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 8,797,505 shares of the financial services provider’s stock worth $320,855,000 after purchasing an additional 134,113 shares during the period. Wellington Management Group LLP bought a new position in Ally Financial in the first quarter worth approximately $253,881,000. Jacobs Levy Equity Management Inc. lifted its holdings in Ally Financial by 10.9% during the first quarter. Jacobs Levy Equity Management Inc. now owns 4,658,877 shares of the financial services provider’s stock worth $169,909,000 after buying an additional 456,698 shares during the period. First Manhattan CO. LLC. boosted its position in Ally Financial by 0.8% during the 1st quarter. First Manhattan CO. LLC. now owns 4,258,760 shares of the financial services provider’s stock valued at $155,317,000 after acquiring an additional 32,121 shares in the last quarter. Finally, Millennium Management LLC increased its holdings in shares of Ally Financial by 234.7% in the 1st quarter. Millennium Management LLC now owns 3,752,066 shares of the financial services provider’s stock valued at $136,838,000 after acquiring an additional 2,630,981 shares during the period. Hedge funds and other institutional investors own 88.76% of the company’s stock.

Insider Transactions at Ally Financial

In other Ally Financial news, insider Kathleen L. Patterson sold 29,000 shares of Ally Financial stock in a transaction dated 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 completion of the sale, the insider owned 100,203 shares of the company’s stock, valued at approximately $4,094,294.58. The trade was a 22.45% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.67% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on ALLY shares. Truist Financial upped their price objective on Ally Financial from $45.00 to $47.00 and gave the stock a “buy” rating in a research note on Monday, October 20th. Royal Bank Of Canada reiterated an “outperform” rating on shares of Ally Financial in a report on Monday, July 14th. Wall Street Zen upgraded shares of Ally Financial from a “hold” rating to a “buy” rating in a report on Saturday, November 1st. Cowen raised shares of Ally Financial from a “hold” rating to a “buy” rating in a research report on Monday, October 20th. Finally, Citigroup increased their target price on shares of Ally Financial from $59.00 to $70.00 and gave the company a “buy” rating in a research report on Monday, September 15th. Eleven research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $45.67.

Ally Financial Stock Performance

ALLY opened at $39.97 on Thursday. The company has a market cap of $12.31 billion, a P/E ratio of 24.08, a price-to-earnings-growth ratio of 0.29 and a beta of 1.21. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 1.31. The firm’s 50-day moving average price is $40.70 and its 200-day moving average price is $38.26. Ally Financial Inc. has a 52-week low of $29.52 and a 52-week high of $44.83.

Ally Financial (NYSE:ALLY) last released its earnings results on Monday, July 28th. The financial services provider reported $0.99 earnings per share for the quarter. The company had revenue of $2.06 billion for the quarter. Ally Financial had a net margin of 8.10% and a return on equity of 9.96%. As a group, equities analysts anticipate that Ally Financial Inc. will post 3.57 EPS for the current fiscal year.

Ally Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Friday, October 31st will be paid a $0.30 dividend. The ex-dividend date is Friday, October 31st. This represents a $1.20 dividend on an annualized basis and a yield of 3.0%. Ally Financial’s dividend payout ratio (DPR) is 72.29%.

Ally Financial Company Profile

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.