Bank of New York Mellon Corp Raises Holdings in Ally Financial Inc. (NYSE:ALLY)

Posted by on Mar 10th, 2023

Bank of New York Mellon Corp boosted its holdings in shares of Ally Financial Inc. (NYSE:ALLY – Get Rating) by 14.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,034,879 shares of the financial services provider’s stock after buying an additional 261,424 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.68% of Ally Financial worth $56,632,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Kinneret Advisory LLC increased its stake in shares of Ally Financial by 2.3% during the first quarter. Kinneret Advisory LLC now owns 11,700 shares of the financial services provider’s stock worth $509,000 after purchasing an additional 262 shares in the last quarter. Blair William & Co. IL increased its stake in shares of Ally Financial by 2.6% during the first quarter. Blair William & Co. IL now owns 10,497 shares of the financial services provider’s stock worth $456,000 after purchasing an additional 264 shares in the last quarter. Salem Investment Counselors Inc. increased its stake in shares of Ally Financial by 115.0% during the first quarter. Salem Investment Counselors Inc. now owns 645 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 345 shares in the last quarter. EP Wealth Advisors LLC increased its stake in shares of Ally Financial by 8.2% during the first quarter. EP Wealth Advisors LLC now owns 4,656 shares of the financial services provider’s stock worth $202,000 after purchasing an additional 354 shares in the last quarter. Finally, Captrust Financial Advisors boosted its holdings in Ally Financial by 4.9% in the 1st quarter. Captrust Financial Advisors now owns 8,020 shares of the financial services provider’s stock valued at $349,000 after purchasing an additional 371 shares during the last quarter. 90.35% of the stock is owned by hedge funds and other institutional investors.

Ally Financial Trading Down 7.0 %

Shares of NYSE:ALLY opened at $27.38 on Friday. Ally Financial Inc. has a 52 week low of $22.34 and a 52 week high of $45.65. The company’s 50 day moving average is $29.94 and its two-hundred day moving average is $28.93. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 1.69. The company has a market cap of $8.24 billion, a PE ratio of 5.51 and a beta of 1.37.

Ally Financial (NYSE:ALLY – Get Rating) last announced its quarterly earnings data on Friday, January 20th. The financial services provider reported $1.08 EPS for the quarter, beating analysts’ consensus estimates of $0.98 by $0.10. Ally Financial had a net margin of 20.34% and a return on equity of 17.98%. The company had revenue of $2.20 billion for the quarter, compared to the consensus estimate of $2.04 billion. Equities analysts predict that Ally Financial Inc. will post 3.65 earnings per share for the current fiscal year.

Ally Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, February 15th. Shareholders of record on Wednesday, February 1st were given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 4.38%. The ex-dividend date of this dividend was Tuesday, January 31st. Ally Financial’s dividend payout ratio is presently 24.14%.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the stock. S&P Equity Research set a $29.50 target price on shares of Ally Financial in a report on Monday, November 14th. Piper Sandler upgraded shares of Ally Financial from an “underweight” rating to a “neutral” rating and boosted their target price for the company from $25.00 to $28.00 in a report on Monday, January 9th. Citigroup boosted their target price on shares of Ally Financial from $34.00 to $45.00 in a report on Sunday, January 22nd. The Goldman Sachs Group boosted their target price on shares of Ally Financial from $28.00 to $36.00 and gave the company a “buy” rating in a report on Monday, January 23rd. Finally, BMO Capital Markets boosted their target price on shares of Ally Financial from $47.00 to $51.00 and gave the company an “outperform” rating in a report on Monday, January 23rd. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, Ally Financial currently has a consensus rating of “Hold” and an average target price of $35.24.

Ally Financial Company Profile

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Ally Financial, Inc engages in the provision of online banking, securities brokerage, and investment advisory services. It operates through the following segments: Automotive Finance Operations, Insurance Operations, Mortgage Finance Operations, Corporate Finance Operations, and Corporate and Other. The Automotive Finance Operations segment offers retail installment sales contracts, loans, and operating leases, offering term loans to dealers, financing dealer floor plans and other lines of credit to dealers, warehouse lines to automotive retailers, fleet financing, providing financing to companies and municipalities for the purchase or lease of vehicles, and vehicle-remarketing services.

Further Reading

Institutional Ownership by Quarter for Ally Financial (NYSE:ALLY)

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