Employees Retirement System of Texas Purchases 262,563 Shares of Ally Financial Inc. $ALLY

Employees Retirement System of Texas increased its position in shares of Ally Financial Inc. (NYSE:ALLY) by 18.3% during the 3rd quarter, Holdings Channel reports. The firm owned 1,696,646 shares of the financial services provider’s stock after purchasing an additional 262,563 shares during the quarter. Employees Retirement System of Texas’ holdings in Ally Financial were worth $66,509,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Norges Bank purchased a new position in shares of Ally Financial in the 2nd quarter worth approximately $95,897,000. Arrowstreet Capital Limited Partnership boosted its position in Ally Financial by 39.3% in the second quarter. Arrowstreet Capital Limited Partnership now owns 5,400,560 shares of the financial services provider’s stock worth $210,352,000 after purchasing an additional 1,523,425 shares during the last quarter. Marshall Wace LLP bought a new position in Ally Financial in the 2nd quarter valued at $51,661,000. American Century Companies Inc. increased its position in shares of Ally Financial by 196.2% during the 2nd quarter. American Century Companies Inc. now owns 1,720,656 shares of the financial services provider’s stock valued at $67,020,000 after purchasing an additional 1,139,703 shares during the last quarter. Finally, Hudson Bay Capital Management LP bought a new stake in shares of Ally Financial during the 2nd quarter worth $44,101,000. Institutional investors own 88.76% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the stock. Royal Bank Of Canada restated an “outperform” rating and set a $52.00 price objective on shares of Ally Financial in a report on Monday, January 12th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Ally Financial from $55.00 to $57.00 and gave the stock a “buy” rating in a report on Thursday, January 22nd. Wells Fargo & Company raised Ally Financial from a “hold” rating to an “overweight” rating in a report on Wednesday, December 17th. Morgan Stanley set a $53.00 target price on Ally Financial and gave the stock an “overweight” rating in a research report on Tuesday, December 16th. Finally, Truist Financial lowered their target price on Ally Financial from $51.00 to $50.00 and set a “buy” rating on the stock in a research note on Monday, January 26th. Thirteen research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $50.31.

Ally Financial Stock Down 0.0%

Shares of NYSE ALLY opened at $36.84 on Friday. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 1.30. The company has a market cap of $11.39 billion, a P/E ratio of 15.68, a P/E/G ratio of 0.19 and a beta of 1.18. Ally Financial Inc. has a 52 week low of $29.52 and a 52 week high of $47.27. The business has a 50-day simple moving average of $41.99 and a two-hundred day simple moving average of $41.63.

Ally Financial (NYSE:ALLY) last announced its quarterly earnings results on Wednesday, January 21st. The financial services provider reported $1.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.01 by $0.08. Ally Financial had a net margin of 10.77% and a return on equity of 10.40%. The firm had revenue of $2.17 billion for the quarter, compared to the consensus estimate of $2.15 billion. During the same period in the prior year, the firm posted $0.78 earnings per share. The company’s revenue for the quarter was up 4.8% on a year-over-year basis. Research analysts anticipate that Ally Financial Inc. will post 3.57 earnings per share for the current fiscal year.

Ally Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, February 17th. Shareholders of record on Monday, February 2nd were paid a $0.30 dividend. The ex-dividend date was Monday, February 2nd. This represents a $1.20 annualized dividend and a yield of 3.3%. Ally Financial’s dividend payout ratio is currently 51.06%.

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

Insider Activity at Ally Financial

In other news, CFO Russell E. Hutchinson purchased 11,566 shares of the business’s stock in a transaction on Tuesday, January 27th. The stock was purchased at an average cost of $43.17 per share, with a total value of $499,304.22. Following the acquisition, the chief financial officer directly owned 225,336 shares in the company, valued at approximately $9,727,755.12. This trade represents a 5.41% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Michael George Rhodes purchased 23,800 shares of Ally Financial stock in a transaction dated Friday, January 23rd. The shares were purchased at an average price of $41.68 per share, with a total value of $991,984.00. Following the completion of the transaction, the chief executive officer directly owned 49,434 shares in the company, valued at approximately $2,060,409.12. This represents a 92.85% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Corporate insiders own 0.67% of the company’s stock.

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.