Ally Financial (NYSE:ALLY) PT Raised to $34.00 at Nomura

Ally Financial (NYSE:ALLY) had its price target hoisted by equities research analysts at Nomura from $29.00 to $34.00 in a report issued on Friday, BenzingaRatingsTable reports. The firm presently has a “neutral” rating on the financial services provider’s stock. Nomura’s price objective would suggest a potential upside of 2.87% from the company’s previous close.

Several other analysts also recently weighed in on the stock. BTIG Research boosted their price objective on shares of Ally Financial to $39.00 and gave the stock a “buy” rating in a research report on Friday. Oppenheimer set a $119.00 price objective on shares of American Express and gave the stock a “buy” rating in a research report on Wednesday, April 17th. Citigroup set a $95.00 price objective on shares of iRobot and gave the stock a “hold” rating in a research report on Wednesday, July 3rd. Morgan Stanley downgraded shares of Silicon Motion Technology from an “equal weight” rating to an “underweight” rating in a research report on Monday, April 22nd. Finally, BMO Capital Markets set a $44.00 price target on shares of Schlumberger and gave the company a “hold” rating in a research report on Monday, April 22nd. Six research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $34.42.

Shares of NYSE:ALLY opened at $33.05 on Friday. The stock has a market cap of $13.13 billion, a P/E ratio of 9.18, a PEG ratio of 0.65 and a beta of 1.31. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 3.03. Ally Financial has a twelve month low of $20.60 and a twelve month high of $33.92. The business’s 50 day moving average is $30.52.

Ally Financial (NYSE:ALLY) last issued its quarterly earnings data on Thursday, July 18th. The financial services provider reported $0.97 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.09. The business had revenue of $1.55 billion during the quarter, compared to the consensus estimate of $1.53 billion. Ally Financial had a net margin of 26.59% and a return on equity of 11.09%. The company’s revenue was down 2.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.83 EPS. As a group, equities research analysts expect that Ally Financial will post 3.68 EPS for the current fiscal year.

Ally Financial announced that its board has approved a stock repurchase plan on Monday, April 1st that allows the company to repurchase $1.25 billion in shares. This repurchase authorization allows the financial services provider to reacquire up to 10.5% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its shares are undervalued.

In other Ally Financial news, CAO David J. Debrunner sold 2,222 shares of the business’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $28.80, for a total value of $63,993.60. Following the transaction, the chief accounting officer now directly owns 107,979 shares of the company’s stock, valued at approximately $3,109,795.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Mayree C. Clark acquired 5,000 shares of the company’s stock in a transaction on Thursday, May 2nd. The stock was purchased at an average cost of $29.71 per share, for a total transaction of $148,550.00. Following the completion of the purchase, the director now directly owns 46,248 shares in the company, valued at approximately $1,374,028.08. The disclosure for this purchase can be found here. In the last quarter, insiders sold 6,666 shares of company stock valued at $199,802. 0.35% of the stock is owned by insiders.

Institutional investors and hedge funds have recently made changes to their positions in the business. Norges Bank acquired a new position in shares of Ally Financial during the 4th quarter worth $109,098,000. Oaktree Capital Management LP grew its stake in shares of Ally Financial by 34.6% during the 4th quarter. Oaktree Capital Management LP now owns 11,723,541 shares of the financial services provider’s stock worth $265,655,000 after purchasing an additional 3,011,141 shares during the period. Magnolia Group LLC grew its stake in shares of Ally Financial by 30.5% during the 1st quarter. Magnolia Group LLC now owns 5,626,671 shares of the financial services provider’s stock worth $154,677,000 after purchasing an additional 1,315,199 shares during the period. FMR LLC grew its stake in shares of Ally Financial by 129.3% during the 1st quarter. FMR LLC now owns 1,801,409 shares of the financial services provider’s stock worth $49,521,000 after purchasing an additional 1,015,634 shares during the period. Finally, Bank of Montreal Can grew its stake in shares of Ally Financial by 699.1% during the 1st quarter. Bank of Montreal Can now owns 595,671 shares of the financial services provider’s stock worth $16,375,000 after purchasing an additional 521,125 shares during the period. 97.04% of the stock is currently owned by institutional investors.

Ally Financial Company Profile

Ally Financial Inc provides various financial products and services to consumers, businesses, automotive dealers, and corporate customers primarily in the United States and Canada. It operates through Automotive Finance Operations, Insurance Operations, Mortgage Finance Operations, and Corporate Finance Operations segments.

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