Ally Financial (NYSE:ALLY) Price Target Raised to $70.00

Key Points

• Citigroup raised its price target for Ally Financial from $59.00 to $70.00, indicating a potential upside of 63.85% from the current share price.
• Ally Financial has received multiple rating upgrades, including changes from BTIG Research and Wells Fargo, reflecting growing analyst optimism with a consensus rating of "Moderate Buy."
• The company reported earnings of $0.99 per share, surpassing estimates and showing a 3.0% year-over-year revenue increase to $2.08 billion.

Ally Financial (NYSE:ALLY - Get Free Report) had its price objective boosted by Citigroup from $59.00 to $70.00 in a note issued to investors on Monday,Benzinga reports. The brokerage presently has a "buy" rating on the financial services provider's stock. Citigroup's target price would indicate a potential upside of 63.85% from the company's current price.

Several other analysts have also recently issued reports on ALLY. BTIG Research raised shares of Ally Financial from a "sell" rating to a "neutral" rating in a research report on Monday, July 14th. Wall Street Zen raised shares of Ally Financial from a "sell" rating to a "hold" rating in a report on Friday, May 23rd. Royal Bank Of Canada reaffirmed an "outperform" rating on shares of Ally Financial in a report on Monday, July 14th. Wells Fargo & Company raised shares of Ally Financial from an "underweight" rating to an "equal weight" rating and raised their target price for the company from $37.00 to $45.00 in a report on Tuesday, September 2nd. Finally, JPMorgan Chase & Co. increased their price target on shares of Ally Financial from $44.00 to $45.00 and gave the company an "overweight" rating in a research note on Monday, July 21st. Nine equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $44.40.

Ally Financial Trading Up 1.2%

ALLY stock traded up $0.50 during mid-day trading on Monday, hitting $42.72. 218,414 shares of the company were exchanged, compared to its average volume of 3,763,872. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 1.30. The firm has a market capitalization of $13.15 billion, a P/E ratio of 27.71, a PEG ratio of 0.33 and a beta of 1.13. The business has a fifty day simple moving average of $39.54 and a 200-day simple moving average of $36.62. Ally Financial has a 12-month low of $29.52 and a 12-month high of $43.04.

Ally Financial (NYSE:ALLY - Get Free Report) last announced its earnings results on Friday, July 18th. The financial services provider reported $0.99 earnings per share for the quarter, topping the consensus estimate of $0.78 by $0.21. The company had revenue of $2.08 billion during the quarter, compared to analyst estimates of $2.03 billion. Ally Financial had a net margin of 7.64% and a return on equity of 9.48%. Ally Financial's revenue was up 3.0% compared to the same quarter last year. During the same quarter last year, the firm posted $0.97 earnings per share. On average, equities research analysts predict that Ally Financial will post 3.57 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Ally Financial

Several hedge funds and other institutional investors have recently bought and sold shares of ALLY. Wellington Management Group LLP acquired a new position in shares of Ally Financial in the 1st quarter valued at approximately $253,881,000. Millennium Management LLC raised its position in shares of Ally Financial by 234.7% during the 1st quarter. Millennium Management LLC now owns 3,752,066 shares of the financial services provider's stock valued at $136,838,000 after acquiring an additional 2,630,981 shares in the last quarter. Norges Bank bought a new position in Ally Financial during the 2nd quarter worth $95,897,000. Arrowstreet Capital Limited Partnership grew its stake in Ally Financial by 39.3% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 5,400,560 shares of the financial services provider's stock worth $210,352,000 after buying an additional 1,523,425 shares during the last quarter. Finally, Marshall Wace LLP bought a new position in Ally Financial during the 2nd quarter worth $51,661,000. 88.76% of the stock is owned by institutional investors and hedge funds.

Ally Financial Company 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.

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