LPL Financial LLC trimmed its position in Ally Financial Inc. (NYSE:ALLY – Get Rating) by 33.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 90,213 shares of the financial services provider’s stock after selling 44,787 shares during the quarter. LPL Financial LLC’s holdings in Ally Financial were worth $2,206,000 at the end of the most recent reporting period.
Other large investors have also modified their holdings of the company. Renaissance Technologies LLC bought a new stake in shares of Ally Financial during the third quarter worth $45,380,000. Moore Capital Management LP boosted its holdings in Ally Financial by 177.8% in the third quarter. Moore Capital Management LP now owns 1,955,536 shares of the financial services provider’s stock valued at $54,423,000 after acquiring an additional 1,251,637 shares during the last quarter. Luxor Capital Group LP boosted its holdings in Ally Financial by 218.5% in the third quarter. Luxor Capital Group LP now owns 964,513 shares of the financial services provider’s stock valued at $26,842,000 after acquiring an additional 661,666 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in Ally Financial by 297.4% in the third quarter. Victory Capital Management Inc. now owns 840,113 shares of the financial services provider’s stock valued at $23,380,000 after acquiring an additional 628,723 shares during the last quarter. Finally, Macquarie Group Ltd. boosted its holdings in Ally Financial by 362.0% in the second quarter. Macquarie Group Ltd. now owns 571,015 shares of the financial services provider’s stock valued at $19,135,000 after acquiring an additional 447,424 shares during the last quarter. 90.35% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
ALLY has been the topic of several analyst reports. Citigroup cut their target price on Ally Financial from $45.00 to $40.00 in a research note on Tuesday, April 18th. Credit Suisse Group cut their target price on Ally Financial from $36.00 to $35.00 and set an “outperform” rating on the stock in a research note on Monday, January 23rd. Bank of America raised Ally Financial from an “underperform” rating to a “neutral” rating and increased their target price for the company from $24.00 to $28.00 in a research note on Monday, April 24th. Piper Sandler increased their target price on Ally Financial from $28.00 to $30.00 and gave the company a “neutral” rating in a research note on Thursday, April 20th. Finally, JPMorgan Chase & Co. dropped their price target on Ally Financial from $30.00 to $28.00 and set a “neutral” rating on the stock in a research report on Monday, April 17th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, Ally Financial has a consensus rating of “Hold” and an average target price of $34.87.
Ally Financial Stock Performance
Ally Financial (NYSE:ALLY – Get Rating) last released its quarterly earnings results on Wednesday, April 19th. The financial services provider reported $0.82 earnings per share for the quarter, missing the consensus estimate of $0.88 by ($0.06). The firm had revenue of $2.05 billion for the quarter, compared to analyst estimates of $2.07 billion. Ally Financial had a return on equity of 14.79% and a net margin of 16.42%. The business’s revenue for the quarter was down 4.1% on a year-over-year basis. During the same period in the previous year, the business posted $2.03 earnings per share. Research analysts anticipate that Ally Financial Inc. will post 3.51 earnings per share for the current year.
Ally Financial Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Monday, May 15th. Shareholders of record on Monday, May 1st were issued a $0.30 dividend. The ex-dividend date was Friday, April 28th. This represents a $1.20 annualized dividend and a yield of 4.54%. Ally Financial’s dividend payout ratio is presently 29.48%.
About Ally Financial
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.
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