Ally Financial Inc. (NYSE:ALLY) Shares Purchased by State of Michigan Retirement System

State of Michigan Retirement System boosted its holdings in Ally Financial Inc. (NYSE:ALLY) by 2.2% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 74,964 shares of the financial services provider’s stock after buying an additional 1,600 shares during the period. State of Michigan Retirement System’s holdings in Ally Financial were worth $3,043,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ALLY. Rise Advisors LLC purchased a new position in shares of Ally Financial in the 1st quarter worth $32,000. Northwest Financial Advisors acquired a new position in shares of Ally Financial in the 4th quarter valued at about $31,000. Quarry LP grew its holdings in shares of Ally Financial by 165.7% during the 4th quarter. Quarry LP now owns 959 shares of the financial services provider’s stock worth $33,000 after purchasing an additional 598 shares during the period. Friedenthal Financial acquired a new stake in Ally Financial during the 4th quarter worth approximately $50,000. Finally, Rakuten Securities Inc. purchased a new position in Ally Financial in the fourth quarter valued at approximately $67,000. Hedge funds and other institutional investors own 88.76% of the company’s stock.

Ally Financial Price Performance

Shares of ALLY opened at $40.44 on Thursday. Ally Financial Inc. has a 52 week low of $22.54 and a 52 week high of $41.77. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 1.50. The firm has a market cap of $12.29 billion, a price-to-earnings ratio of 16.51, a PEG ratio of 0.48 and a beta of 1.42. The stock has a 50 day moving average of $39.33 and a 200-day moving average of $37.59.

Ally Financial (NYSE:ALLY) last announced its quarterly earnings data on Thursday, April 18th. The financial services provider reported $0.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.33 by $0.12. Ally Financial had a return on equity of 8.35% and a net margin of 10.59%. The firm had revenue of $1.99 billion for the quarter, compared to analysts’ expectations of $1.96 billion. During the same period last year, the business posted $0.82 earnings per share. The firm’s revenue for the quarter was down 5.4% on a year-over-year basis. As a group, analysts forecast that Ally Financial Inc. will post 3 EPS for the current year.

Ally Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, May 15th. Investors of record on Wednesday, May 1st were given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.97%. The ex-dividend date of this dividend was Tuesday, April 30th. Ally Financial’s dividend payout ratio is presently 48.98%.

Analyst Upgrades and Downgrades

ALLY has been the topic of a number of research reports. Bank of America raised shares of Ally Financial from a “neutral” rating to a “buy” rating and raised their target price for the company from $42.00 to $46.00 in a research note on Tuesday, April 9th. Citigroup began coverage on Ally Financial in a research report on Monday, June 24th. They issued a “buy” rating and a $50.00 target price for the company. BMO Capital Markets raised their target price on Ally Financial from $36.00 to $37.00 and gave the company a “market perform” rating in a report on Friday, April 19th. StockNews.com upgraded Ally Financial from a “sell” rating to a “hold” rating in a report on Friday, April 26th. Finally, JPMorgan Chase & Co. cut shares of Ally Financial from a “neutral” rating to an “underweight” rating and boosted their target price for the stock from $37.00 to $39.00 in a research report on Wednesday, April 3rd. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $41.18.

Ally Financial Profile

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.