State of Michigan Retirement System Lowers Holdings in Ally Financial Inc. $ALLY

State of Michigan Retirement System decreased its holdings in Ally Financial Inc. (NYSE:ALLY) by 8.4% in the second quarter, HoldingsChannel.com reports. The firm owned 66,500 shares of the financial services provider’s stock after selling 6,064 shares during the quarter. State of Michigan Retirement System’s holdings in Ally Financial were worth $2,590,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. WPG Advisers LLC purchased a new position in shares of Ally Financial in the first quarter valued at approximately $25,000. SVB Wealth LLC purchased a new stake in shares of Ally Financial during the first quarter worth approximately $27,000. Hantz Financial Services Inc. raised its stake in Ally Financial by 662.0% in the 2nd quarter. Hantz Financial Services Inc. now owns 823 shares of the financial services provider’s stock valued at $32,000 after purchasing an additional 715 shares during the last quarter. Private Trust Co. NA lifted its holdings in Ally Financial by 125.7% in the 1st quarter. Private Trust Co. NA now owns 914 shares of the financial services provider’s stock valued at $33,000 after purchasing an additional 509 shares in the last quarter. Finally, Zions Bancorporation National Association UT purchased a new position in Ally Financial in the 1st quarter valued at $74,000. 88.76% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

ALLY has been the subject of a number of research reports. Truist Financial upped their target price on shares of Ally Financial from $45.00 to $47.00 and gave the stock a “buy” rating in a report on Monday, October 20th. Royal Bank Of Canada restated an “outperform” rating on shares of Ally Financial in a research report on Monday, July 14th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Ally Financial in a report on Tuesday, October 14th. BTIG Research raised shares of Ally Financial from a “sell” rating to a “neutral” rating in a research note on Monday, July 14th. Finally, JPMorgan Chase & Co. upped their price target on Ally Financial from $42.00 to $43.00 and gave the company an “overweight” rating in a research report on Monday, October 20th. Eleven investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $45.67.

Insider Buying and Selling

In other Ally Financial news, insider Kathleen L. Patterson sold 29,000 shares of the company’s stock in a transaction dated Wednesday, October 22nd. The shares were sold at an average price of $40.86, for a total value of $1,184,940.00. Following the transaction, the insider owned 100,203 shares of the company’s stock, valued at $4,094,294.58. This represents a 22.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.67% of the stock is owned by insiders.

Ally Financial Trading Up 0.9%

ALLY opened at $39.97 on Thursday. The stock has a market capitalization of $12.31 billion, a PE ratio of 24.08, a P/E/G ratio of 0.29 and a beta of 1.21. Ally Financial Inc. has a one year low of $29.52 and a one year high of $44.83. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.92 and a current ratio of 0.92. The business’s 50 day moving average price is $40.70 and its 200 day moving average price is $38.26.

Ally Financial (NYSE:ALLY) last posted its earnings results on Monday, July 28th. The financial services provider reported $0.99 earnings per share (EPS) for the quarter. Ally Financial had a return on equity of 9.96% and a net margin of 8.10%.The company had revenue of $2.06 billion during the quarter. As a group, equities research analysts expect that Ally Financial Inc. will post 3.57 EPS for the current year.

Ally Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Friday, October 31st will be issued a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 3.0%. The ex-dividend date is Friday, October 31st. Ally Financial’s payout ratio is 72.29%.

Ally Financial Profile

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.