Basswood Capital Management L.L.C. Purchases Shares of 597,680 Ally Financial Inc. $ALLY

Basswood Capital Management L.L.C. purchased a new stake in Ally Financial Inc. (NYSE:ALLY) during the second quarter, according to its most recent 13F filing with the SEC. The firm purchased 597,680 shares of the financial services provider’s stock, valued at approximately $27,463,000. Ally Financial makes up 1.1% of Basswood Capital Management L.L.C.’s holdings, making the stock its 27th largest holding.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Royal Bank of Canada raised its stake in shares of Ally Financial by 106.5% during the 1st quarter. Royal Bank of Canada now owns 251,123 shares of the financial services provider’s stock worth $9,158,000 after acquiring an additional 129,497 shares in the last quarter. NewEdge Advisors LLC boosted its stake in Ally Financial by 22.8% in the first quarter. NewEdge Advisors LLC now owns 2,235 shares of the financial services provider’s stock valued at $82,000 after acquiring an additional 415 shares in the last quarter. Empowered Funds LLC boosted its stake in Ally Financial by 11.1% in the first quarter. Empowered Funds LLC now owns 12,900 shares of the financial services provider’s stock valued at $470,000 after acquiring an additional 1,292 shares in the last quarter. Focus Partners Wealth purchased a new position in Ally Financial in the first quarter worth $259,000. Finally, EverSource Wealth Advisors LLC grew its holdings in Ally Financial by 374.9% in the second quarter. EverSource Wealth Advisors LLC now owns 1,477 shares of the financial services provider’s stock worth $58,000 after purchasing an additional 1,166 shares during the last quarter. Hedge funds and other institutional investors own 88.76% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently commented on ALLY. Bank of America increased their price objective on Ally Financial from $52.00 to $53.00 and gave the company a “buy” rating in a report on Wednesday, July 8th. Citigroup reduced their target price on Ally Financial from $70.00 to $58.00 and set a “buy” rating on the stock in a research report on Tuesday, June 23rd. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $58.00 price target on shares of Ally Financial in a research note on Wednesday, July 22nd. Weiss Ratings raised Ally Financial from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday, June 23rd. Finally, Wall Street Zen lowered Ally Financial from a “buy” rating to a “hold” rating in a research note on Monday, June 8th. Fourteen research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, Ally Financial presently has a consensus rating of “Moderate Buy” and an average target price of $53.64.

Insider Buying and Selling at Ally Financial

In other news, insider Stephanie N. Richard sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $44.23, for a total value of $221,150.00. Following the completion of the transaction, the insider directly owned 88,927 shares in the company, valued at $3,933,241.21. This trade represents a 5.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 0.46% of the company’s stock.

Ally Financial Trading Down 0.0%

NYSE ALLY opened at $42.58 on Thursday. Ally Financial Inc. has a 12-month low of $35.92 and a 12-month high of $47.29. The company has a fifty day simple moving average of $44.64 and a two-hundred day simple moving average of $42.63. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 1.26. The stock has a market cap of $12.95 billion, a P/E ratio of 10.04, a P/E/G ratio of 0.26 and a beta of 1.10.

Ally Financial (NYSE:ALLY) last announced its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $1.21 earnings per share for the quarter, missing analysts’ consensus estimates of $1.22 by ($0.01). The company had revenue of $2.28 billion for the quarter, compared to analysts’ expectations of $2.22 billion. Ally Financial had a net margin of 16.75% and a return on equity of 11.75%. Ally Financial’s quarterly revenue was up 9.8% compared to the same quarter last year. During the same period last year, the firm earned $0.99 earnings per share. On average, analysts forecast that Ally Financial Inc. will post 5.19 earnings per share for the current year.

Ally Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, July 31st were issued a $0.30 dividend. The ex-dividend date of this dividend was Friday, July 31st. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.8%. Ally Financial’s dividend payout ratio is currently 28.30%.

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.