Ally Financial (NYSE:ALLY) Upgraded by JPMorgan Chase & Co. to Overweight

JPMorgan Chase & Co. upgraded shares of Ally Financial (NYSE:ALLY) from a neutral rating to an overweight rating in a report released on Monday, MarketBeat reports. JPMorgan Chase & Co. currently has $40.00 price target on the financial services provider’s stock, down from their previous price target of $46.00.

ALLY has been the topic of several other research reports. Deutsche Bank Aktiengesellschaft decreased their price target on Ally Financial from $51.00 to $50.00 and set a buy rating on the stock in a research note on Monday, July 1st. Bank of America cut their price objective on Ally Financial from $46.00 to $37.00 and set a buy rating for the company in a research report on Wednesday, September 11th. Royal Bank of Canada cut their price objective on Ally Financial from $49.00 to $40.00 and set an outperform rating for the company in a research report on Thursday, September 12th. Morgan Stanley cut their price objective on Ally Financial from $49.00 to $45.00 and set an overweight rating for the company in a research report on Wednesday, September 11th. Finally, Citigroup started coverage on Ally Financial in a research report on Monday, June 24th. They issued a buy rating and a $50.00 price objective for the company. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of Hold and a consensus target price of $40.63.

Ally Financial Price Performance

Shares of ALLY stock opened at $35.31 on Monday. The stock’s fifty day simple moving average is $38.51 and its 200 day simple moving average is $39.36. The company has a debt-to-equity ratio of 1.39, a current ratio of 0.92 and a quick ratio of 0.91. The firm has a market cap of $10.73 billion, a price-to-earnings ratio of 14.34, a P/E/G ratio of 0.37 and a beta of 1.39. Ally Financial has a one year low of $22.54 and a one year high of $45.46.

Ally Financial (NYSE:ALLY) last announced its quarterly earnings results on Wednesday, July 17th. The financial services provider reported $0.97 EPS for the quarter, beating the consensus estimate of $0.64 by $0.33. The business had revenue of $2 billion for the quarter, compared to analyst estimates of $2.03 billion. Ally Financial had a return on equity of 8.37% and a net margin of 10.26%. Ally Financial’s quarterly revenue was down 3.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.96 EPS. On average, analysts expect that Ally Financial will post 3.15 earnings per share for the current fiscal year.

Ally Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Thursday, August 1st were issued a $0.30 dividend. The ex-dividend date was Thursday, August 1st. This represents a $1.20 dividend on an annualized basis and a yield of 3.40%. Ally Financial’s dividend payout ratio is presently 48.98%.

Institutional Investors Weigh In On Ally Financial

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. USA Financial Formulas bought a new stake in Ally Financial in the third quarter valued at about $201,000. Sara Bay Financial increased its holdings in Ally Financial by 10.1% in the third quarter. Sara Bay Financial now owns 26,625 shares of the financial services provider’s stock valued at $948,000 after purchasing an additional 2,449 shares during the last quarter. Fulton Bank N.A. increased its holdings in Ally Financial by 9.1% in the third quarter. Fulton Bank N.A. now owns 18,954 shares of the financial services provider’s stock valued at $675,000 after purchasing an additional 1,581 shares during the last quarter. Diversified Trust Co bought a new stake in Ally Financial in the third quarter valued at about $304,000. Finally, Sterneck Capital Management LLC acquired a new position in Ally Financial in the third quarter valued at about $394,000. Institutional investors own 88.76% of the company’s stock.

About Ally Financial

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.