Truist Financial Cuts Ally Financial (NYSE:ALLY) Price Target to $51.00

Ally Financial (NYSE:ALLY) had its target price trimmed by Truist Financial from $54.00 to $51.00 in a research report report published on Tuesday morning,Benzinga reports. The firm currently has a buy rating on the financial services provider’s stock.

ALLY has been the subject of a number of other reports. Morgan Stanley boosted their target price on shares of Ally Financial from $53.00 to $55.00 and gave the company an “overweight” rating in a report on Monday, April 20th. Citigroup cut their price target on shares of Ally Financial from $70.00 to $58.00 and set a “buy” rating on the stock in a research note on Tuesday, June 23rd. Royal Bank Of Canada lifted their price target on shares of Ally Financial from $52.00 to $55.00 and gave the company an “outperform” rating in a report on Friday, July 10th. JPMorgan Chase & Co. lowered their price objective on shares of Ally Financial from $48.00 to $46.00 and set an “overweight” rating for the company in a research note on Thursday, April 9th. Finally, Wells Fargo & Company upped their price objective on Ally Financial from $52.00 to $55.00 and gave the stock an “overweight” rating in a report on Friday, June 26th. Fourteen analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, Ally Financial presently has a consensus rating of “Moderate Buy” and a consensus target price of $53.64.

Ally Financial Stock Down 1.5%

Shares of NYSE:ALLY opened at $44.06 on Tuesday. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 1.26. The firm has a market cap of $13.40 billion, a price-to-earnings ratio of 10.39, a PEG ratio of 0.28 and a beta of 1.10. The stock’s 50-day moving average price is $44.58 and its two-hundred day moving average price is $42.53. Ally Financial has a 12-month low of $35.92 and a 12-month high of $47.29.

Ally Financial (NYSE:ALLY) last posted its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $1.21 EPS for the quarter, missing analysts’ consensus estimates of $1.22 by ($0.01). The company had revenue of $2.28 billion for the quarter, compared to analyst estimates of $2.22 billion. Ally Financial had a net margin of 16.75% and a return on equity of 11.75%. The company’s revenue was up 9.8% compared to the same quarter last year. During the same period in the prior year, the company earned $0.99 EPS. On average, research analysts forecast that Ally Financial will post 5.19 EPS for the current year.

Ally Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Friday, July 31st will be given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date of this dividend is Friday, July 31st. Ally Financial’s payout ratio is 28.30%.

Insider Transactions at Ally Financial

In other news, insider Stephanie N. Richard sold 5,000 shares of the stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $44.23, for a total value of $221,150.00. Following the completion of the sale, the insider owned 88,927 shares of the company’s stock, valued at $3,933,241.21. This represents a 5.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.46% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Ally Financial

Hedge funds and other institutional investors have recently made changes to their positions in the business. Norges Bank acquired a new stake in Ally Financial during the 4th quarter valued at $157,610,000. Wellington Management Group LLP lifted its holdings in Ally Financial by 19.5% in the 4th quarter. Wellington Management Group LLP now owns 14,271,290 shares of the financial services provider’s stock worth $646,347,000 after buying an additional 2,332,610 shares in the last quarter. Bank of New York Mellon Corp purchased a new position in Ally Financial in the 2nd quarter valued at about $103,930,000. Qube Research & Technologies Ltd grew its stake in shares of Ally Financial by 8,255.7% during the third quarter. Qube Research & Technologies Ltd now owns 1,230,384 shares of the financial services provider’s stock valued at $48,231,000 after acquiring an additional 1,215,659 shares in the last quarter. Finally, Bank of America Corp DE grew its stake in shares of Ally Financial by 38.9% during the second quarter. Bank of America Corp DE now owns 3,771,190 shares of the financial services provider’s stock valued at $146,888,000 after acquiring an additional 1,056,060 shares in the last quarter. Institutional investors and hedge funds own 88.76% of the company’s stock.

Ally Financial Company 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.