Meeder Asset Management Inc. Purchases 11,985 Shares of Ally Financial Inc. $ALLY

Meeder Asset Management Inc. lifted its position in Ally Financial Inc. (NYSE:ALLY) by 19.7% in the 3rd quarter, Holdings Channel.com reports. The fund owned 72,915 shares of the financial services provider’s stock after acquiring an additional 11,985 shares during the period. Meeder Asset Management Inc.’s holdings in Ally Financial were worth $2,858,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in Ally Financial in the 2nd quarter worth about $95,897,000. Arrowstreet Capital Limited Partnership grew its stake in shares of Ally Financial by 39.3% during the second quarter. Arrowstreet Capital Limited Partnership now owns 5,400,560 shares of the financial services provider’s stock valued at $210,352,000 after buying an additional 1,523,425 shares during the last quarter. Marshall Wace LLP purchased a new stake in shares of Ally Financial in the second quarter worth approximately $51,661,000. Assenagon Asset Management S.A. lifted its stake in shares of Ally Financial by 6,675.1% during the 2nd quarter. Assenagon Asset Management S.A. now owns 1,243,773 shares of the financial services provider’s stock worth $48,445,000 after acquiring an additional 1,225,415 shares during the last quarter. Finally, American Century Companies Inc. lifted its stake in shares of Ally Financial by 196.2% during the 2nd quarter. American Century Companies Inc. now owns 1,720,656 shares of the financial services provider’s stock worth $67,020,000 after acquiring an additional 1,139,703 shares during the last quarter. 88.76% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the company. Wells Fargo & Company raised Ally Financial from a “hold” rating to an “overweight” rating in a research report on Wednesday, December 17th. Keefe, Bruyette & Woods cut their price target on shares of Ally Financial from $56.00 to $51.00 and set an “outperform” rating on the stock in a report on Wednesday, October 1st. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Ally Financial in a research note on Monday, December 29th. The Goldman Sachs Group reissued a “neutral” rating and issued a $55.00 price objective on shares of Ally Financial in a research report on Tuesday, January 6th. Finally, JPMorgan Chase & Co. raised their target price on shares of Ally Financial from $42.00 to $43.00 and gave the stock an “overweight” rating in a research report on Monday, October 20th. Thirteen research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, Ally Financial has a consensus rating of “Moderate Buy” and a consensus target price of $48.88.

Ally Financial Trading Down 0.4%

NYSE:ALLY opened at $45.71 on Monday. The firm has a 50-day simple moving average of $42.68 and a 200-day simple moving average of $40.92. Ally Financial Inc. has a one year low of $29.52 and a one year high of $47.27. The firm has a market cap of $14.08 billion, a P/E ratio of 27.53, a P/E/G ratio of 0.22 and a beta of 1.17. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.92 and a current ratio of 0.92.

Ally Financial (NYSE:ALLY) last released its quarterly earnings data on Monday, July 28th. The financial services provider reported $0.99 earnings per share (EPS) for the quarter. The firm 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%. Equities analysts anticipate that Ally Financial Inc. will post 3.57 EPS for the current fiscal year.

Ally Financial declared that its board has initiated a stock repurchase plan on Wednesday, December 10th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 15.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Insider Transactions at Ally Financial

In other news, insider Kathleen L. Patterson sold 29,000 shares of Ally Financial stock in a transaction on Wednesday, October 22nd. The stock was sold at an average price of $40.86, for a total value of $1,184,940.00. Following the transaction, the insider directly owned 100,203 shares in the company, valued at approximately $4,094,294.58. This trade represents a 22.45% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.67% of the company’s stock.

About Ally Financial

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.