New Century Financial Group LLC Purchases New Position in Ally Financial Inc. $ALLY

New Century Financial Group LLC acquired a new position in shares of Ally Financial Inc. (NYSE:ALLY) during the third quarter, HoldingsChannel reports. The institutional investor acquired 30,434 shares of the financial services provider’s stock, valued at approximately $1,193,000. Ally Financial accounts for approximately 2.1% of New Century Financial Group LLC’s investment portfolio, making the stock its 16th largest position.

Several other institutional investors have also modified their holdings of ALLY. Fulton Bank N.A. boosted its holdings in shares of Ally Financial by 1.3% in the 2nd quarter. Fulton Bank N.A. now owns 19,888 shares of the financial services provider’s stock valued at $775,000 after buying an additional 260 shares in the last quarter. Integrated Wealth Concepts LLC lifted its position in Ally Financial by 0.7% in the first quarter. Integrated Wealth Concepts LLC now owns 40,363 shares of the financial services provider’s stock valued at $1,472,000 after acquiring an additional 300 shares during the last quarter. MAI Capital Management boosted its stake in Ally Financial by 45.1% in the second quarter. MAI Capital Management now owns 975 shares of the financial services provider’s stock valued at $38,000 after acquiring an additional 303 shares in the last quarter. Econ Financial Services Corp grew its holdings in shares of Ally Financial by 0.5% during the second quarter. Econ Financial Services Corp now owns 59,993 shares of the financial services provider’s stock worth $2,337,000 after purchasing an additional 311 shares during the last quarter. Finally, Amalgamated Bank increased its position in shares of Ally Financial by 0.3% during the second quarter. Amalgamated Bank now owns 126,980 shares of the financial services provider’s stock worth $4,946,000 after purchasing an additional 344 shares in the last quarter. Hedge funds and other institutional investors own 88.76% of the company’s stock.

Insider Activity at Ally Financial

In other news, insider Kathleen L. Patterson sold 29,000 shares of the company’s stock in a transaction on Wednesday, October 22nd. The shares were sold at an average price of $40.86, for a total transaction of $1,184,940.00. Following the transaction, the insider directly owned 100,203 shares of the company’s stock, valued at $4,094,294.58. This represents a 22.45% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.56% of the company’s stock.

Ally Financial Price Performance

Shares of NYSE:ALLY opened at $47.04 on Wednesday. Ally Financial Inc. has a 52 week low of $29.52 and a 52 week high of $47.27. The company has a 50-day moving average price of $42.27 and a 200 day moving average price of $40.75. The company has a market cap of $14.49 billion, a P/E ratio of 28.34, a PEG ratio of 0.23 and a beta of 1.17. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 1.31.

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

Ally Financial declared that its Board of Directors has authorized a stock repurchase program on Wednesday, December 10th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to repurchase up to 15.3% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on ALLY. Citigroup raised their price target on Ally Financial from $59.00 to $70.00 and gave the stock a “buy” rating in a research note on Monday, September 15th. Weiss Ratings restated a “hold (c+)” rating on shares of Ally Financial in a research report on Monday, December 29th. Evercore ISI upgraded shares of Ally Financial from an “in-line” rating to an “outperform” rating and upped their price target for the company from $48.00 to $53.00 in a research report on Tuesday. The Goldman Sachs Group reissued a “neutral” rating and set a $55.00 price objective on shares of Ally Financial in a research report on Tuesday. Finally, Keefe, Bruyette & Woods reduced their target price on shares of Ally Financial from $56.00 to $51.00 and set an “outperform” rating for the company in a report on Wednesday, October 1st. Twelve analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, Ally Financial has an average rating of “Moderate Buy” and an average target price of $48.07.

Ally Financial Profile

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.