Piper Jaffray Companies Reiterates Buy Rating for Ally Financial Inc. (NYSE:ALLY)

Piper Jaffray Companies reissued their buy rating on shares of Ally Financial Inc. (NYSE:ALLY) in a research note released on Friday, July 28th.

A number of other brokerages have also weighed in on ALLY. BidaskClub lowered shares of Ally Financial from a buy rating to a hold rating in a report on Sunday, July 23rd. TheStreet raised shares of Ally Financial from a c rating to a b- rating in a report on Wednesday, July 19th. Stephens cut shares of Ally Financial from an equal weight rating to an underweight rating and reduced their price target for the stock from $23.00 to $20.00 in a research report on Monday, July 17th. Keefe, Bruyette & Woods reissued a buy rating and set a $24.00 price target on shares of Ally Financial in a research report on Tuesday, July 4th. Finally, BMO Capital Markets reissued a buy rating and set a $26.00 price target on shares of Ally Financial in a research report on Tuesday, April 25th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and thirteen have given a buy rating to the company’s stock. Ally Financial currently has a consensus rating of Buy and a consensus target price of $25.07.

Ally Financial (ALLY) traded up 0.44% during midday trading on Friday, reaching $22.82. The company’s stock had a trading volume of 2,073,131 shares. The company has a 50 day moving average of $21.16 and a 200-day moving average of $20.64. The company has a market capitalization of $10.95 billion, a P/E ratio of 11.63 and a beta of 1.42. Ally Financial has a 1-year low of $16.68 and a 1-year high of $23.62.

Ally Financial (NYSE:ALLY) last issued its quarterly earnings results on Thursday, July 27th. The financial services provider reported $0.58 earnings per share for the quarter, beating analysts’ consensus estimates of $0.53 by $0.05. The business had revenue of $1.46 billion during the quarter, compared to analyst estimates of $1.42 billion. Ally Financial had a net margin of 13.83% and a return on equity of 7.55%. During the same quarter last year, the business posted $0.54 earnings per share. Equities research analysts anticipate that Ally Financial will post $2.27 earnings per share for the current fiscal year.

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The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 15th. Investors of record on Tuesday, August 1st will be paid a $0.12 dividend. The ex-dividend date of this dividend is Friday, July 28th. This represents a $0.48 dividend on an annualized basis and a yield of 2.10%. This is a positive change from Ally Financial’s previous quarterly dividend of $0.08. Ally Financial’s dividend payout ratio is 24.49%.

Ally Financial announced that its board has initiated a share buyback plan on Wednesday, June 28th that allows the company to repurchase $760.00 million in shares. This repurchase authorization allows the financial services provider to buy up to 7.5% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

A number of hedge funds have recently bought and sold shares of the stock. Wetherby Asset Management Inc. increased its stake in Ally Financial by 0.5% in the second quarter. Wetherby Asset Management Inc. now owns 12,247 shares of the financial services provider’s stock worth $256,000 after buying an additional 56 shares in the last quarter. Advisors Asset Management Inc. increased its stake in Ally Financial by 0.4% in the second quarter. Advisors Asset Management Inc. now owns 28,029 shares of the financial services provider’s stock worth $586,000 after buying an additional 107 shares in the last quarter. Cadence Capital Management LLC increased its stake in shares of Ally Financial by 0.8% in the second quarter. Cadence Capital Management LLC now owns 14,986 shares of the financial services provider’s stock worth $313,000 after buying an additional 126 shares during the period. First Heartland Consultants Inc. increased its stake in shares of Ally Financial by 0.3% in the second quarter. First Heartland Consultants Inc. now owns 49,668 shares of the financial services provider’s stock worth $1,038,000 after buying an additional 168 shares during the period. Finally, TD Asset Management Inc. increased its stake in shares of Ally Financial by 0.8% in the first quarter. TD Asset Management Inc. now owns 25,598 shares of the financial services provider’s stock worth $520,000 after buying an additional 200 shares during the period.

About Ally Financial

Ally Financial Inc is a digital financial services company. The Company is a bank and financial holding company. Its segments include Automotive Finance operations, Insurance operations, Mortgage Finance operations, Corporate Finance operations, and Corporate and Other. The Automotive Finance operations segment provides the United States-based automotive financing services to consumers and automotive dealers, and automotive and equipment financing services to companies and municipalities.