Ally Financial (NYSE:ALLY) Given New $46.00 Price Target at JPMorgan Chase & Co.

Ally Financial (NYSE:ALLY) had its target price decreased by research analysts at JPMorgan Chase & Co. from $48.00 to $46.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has an “overweight” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s target price suggests a potential upside of 10.08% from the company’s current price.

Several other equities analysts also recently weighed in on the company. Truist Financial dropped their price objective on Ally Financial from $51.00 to $50.00 and set a “buy” rating for the company in a research note on Monday, January 26th. Deutsche Bank Aktiengesellschaft raised their price objective on Ally Financial from $55.00 to $57.00 and gave the company a “buy” rating in a research note on Thursday, January 22nd. Weiss Ratings cut Ally Financial from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, February 26th. Evercore lowered their target price on Ally Financial from $53.00 to $51.00 and set an “outperform” rating on the stock in a report on Thursday, February 5th. Finally, The Goldman Sachs Group reiterated a “neutral” rating and set a $55.00 target price on shares of Ally Financial in a report on Tuesday, January 6th. Eleven analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $53.38.

Ally Financial Stock Performance

Shares of ALLY stock traded up $0.08 during trading hours on Thursday, reaching $41.79. 967,991 shares of the company’s stock were exchanged, compared to its average volume of 3,797,430. Ally Financial has a 1 year low of $29.91 and a 1 year high of $47.27. The company has a market cap of $12.87 billion, a P/E ratio of 17.78, a price-to-earnings-growth ratio of 0.20 and a beta of 1.14. The company’s 50 day moving average is $40.03 and its two-hundred day moving average is $41.22. The company has a debt-to-equity ratio of 1.30, a current ratio of 0.92 and a quick ratio of 0.92.

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

Ally Financial announced that its board has initiated a stock repurchase program on Wednesday, December 10th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the financial services provider to buy up to 15.3% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ALLY. Norges Bank acquired a new position in Ally Financial in the fourth quarter valued at $157,610,000. Wellington Management Group LLP boosted its holdings in Ally Financial by 19.5% in the fourth quarter. Wellington Management Group LLP now owns 14,271,290 shares of the financial services provider’s stock valued at $646,347,000 after acquiring an additional 2,332,610 shares during the last quarter. Qube Research & Technologies Ltd boosted its holdings in Ally Financial by 8,255.7% in the third quarter. Qube Research & Technologies Ltd now owns 1,230,384 shares of the financial services provider’s stock valued at $48,231,000 after acquiring an additional 1,215,659 shares during the last quarter. Danica Pension Livsforsikringsaktieselskab acquired a new position in shares of Ally Financial during the third quarter worth about $45,733,000. Finally, Hudson Bay Capital Management LP acquired a new position in shares of Ally Financial during the second quarter worth about $44,101,000. Institutional investors and hedge funds own 88.76% of the company’s stock.

Ally Financial Company 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.