Bank of America Cuts Ally Financial (NYSE:ALLY) Price Target to $38.00

Ally Financial (NYSE:ALLY) had its price objective cut by Bank of America from $42.00 to $38.00 in a report issued on Monday,Benzinga reports. The firm currently has a “buy” rating on the financial services provider’s stock. Bank of America‘s price objective indicates a potential upside of 18.17% from the stock’s current price.

Other research analysts have also recently issued reports about the company. Jefferies Financial Group increased their price target on Ally Financial from $35.00 to $40.00 and gave the company a “hold” rating in a research report on Thursday, January 23rd. Truist Financial cut their price objective on Ally Financial from $47.00 to $45.00 and set a “buy” rating for the company in a report on Friday. Keefe, Bruyette & Woods boosted their target price on shares of Ally Financial from $44.00 to $56.00 and gave the stock an “outperform” rating in a report on Monday, December 9th. Barclays upped their price target on shares of Ally Financial from $36.00 to $44.00 and gave the stock an “equal weight” rating in a research report on Monday, January 6th. Finally, The Goldman Sachs Group lifted their price objective on shares of Ally Financial from $45.00 to $50.00 and gave the company a “buy” rating in a research report on Tuesday, April 1st. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $42.82.

Ally Financial Price Performance

NYSE ALLY opened at $32.16 on Monday. Ally Financial has a 12-month low of $30.00 and a 12-month high of $45.46. The firm’s 50 day moving average is $36.72 and its 200-day moving average is $36.44. The company has a market capitalization of $9.88 billion, a PE ratio of 12.37, a price-to-earnings-growth ratio of 0.32 and a beta of 1.12. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 1.51.

Ally Financial (NYSE:ALLY) last issued its quarterly earnings results on Wednesday, January 22nd. The financial services provider reported $0.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.21. Ally Financial had a net margin of 11.29% and a return on equity of 9.31%. The firm had revenue of $2.09 billion for the quarter, compared to analyst estimates of $2.02 billion. During the same period in the previous year, the business earned $0.45 EPS. The company’s revenue was up 3.6% compared to the same quarter last year. Equities research analysts anticipate that Ally Financial will post 3.57 earnings per share for the current fiscal year.

Insider Activity

In other Ally Financial news, CEO Michael George Rhodes purchased 25,634 shares of the firm’s stock in a transaction that occurred on Monday, January 27th. The stock was bought at an average cost of $39.09 per share, with a total value of $1,002,033.06. Following the completion of the transaction, the chief executive officer now owns 25,634 shares of the company’s stock, valued at $1,002,033.06. The trade was a ∞ increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Russell E. Hutchinson acquired 19,100 shares of Ally Financial stock in a transaction on Friday, January 24th. The stock was acquired at an average price of $39.45 per share, with a total value of $753,495.00. Following the purchase, the chief financial officer now directly owns 202,845 shares in the company, valued at approximately $8,002,235.25. This trade represents a 10.39 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 0.67% of the company’s stock.

Institutional Investors Weigh In On Ally Financial

Institutional investors have recently made changes to their positions in the stock. Principal Securities Inc. increased its holdings in Ally Financial by 89.4% during the 4th quarter. Principal Securities Inc. now owns 1,051 shares of the financial services provider’s stock worth $38,000 after acquiring an additional 496 shares during the period. Kestra Investment Management LLC purchased a new position in shares of Ally Financial during the fourth quarter worth approximately $43,000. UMB Bank n.a. raised its position in Ally Financial by 218.8% in the 4th quarter. UMB Bank n.a. now owns 1,546 shares of the financial services provider’s stock worth $56,000 after purchasing an additional 1,061 shares during the period. Harbour Investments Inc. lifted its stake in shares of Ally Financial by 38.5% in the 4th quarter. Harbour Investments Inc. now owns 2,142 shares of the financial services provider’s stock valued at $77,000 after acquiring an additional 595 shares during the last quarter. Finally, Aster Capital Management DIFC Ltd purchased a new stake in shares of Ally Financial during the fourth quarter valued at approximately $78,000. Hedge funds and other institutional investors own 88.76% of the company’s stock.

About Ally Financial

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.