Millennium Management LLC Acquires 2,630,981 Shares of Ally Financial Inc. $ALLY

Key Points

• Millennium Management LLC significantly increased its stake in Ally Financial Inc. by 234.7%, acquiring an additional 2,630,981 shares, bringing its total ownership to 3,752,066 shares valued at $136.8 million.
• Ally Financial reported earnings per share (EPS) of $0.99 for the most recent quarter, exceeding analysts' expectations, with a revenue of $2.08 billion, marking a 3% year-over-year increase.
• Research analysts have generally upgraded their outlook on Ally Financial, with a consensus rating of "Moderate Buy" and an average price target of $43.67 per share.

Millennium Management LLC lifted its holdings in Ally Financial Inc. (NYSE:ALLY - Free Report) by 234.7% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,752,066 shares of the financial services provider's stock after buying an additional 2,630,981 shares during the period. Millennium Management LLC owned about 1.22% of Ally Financial worth $136,838,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Integrated Wealth Concepts LLC grew its stake in Ally Financial by 0.7% in the 1st quarter. Integrated Wealth Concepts LLC now owns 40,363 shares of the financial services provider's stock worth $1,472,000 after acquiring an additional 300 shares in the last quarter. Jacobs Levy Equity Management Inc. boosted its stake in shares of Ally Financial by 10.9% during the first quarter. Jacobs Levy Equity Management Inc. now owns 4,658,877 shares of the financial services provider's stock valued at $169,909,000 after purchasing an additional 456,698 shares in the last quarter. Alliancebernstein L.P. boosted its stake in shares of Ally Financial by 23.3% during the first quarter. Alliancebernstein L.P. now owns 587,226 shares of the financial services provider's stock valued at $21,416,000 after purchasing an additional 111,114 shares in the last quarter. Belmont Capital LLC bought a new position in shares of Ally Financial during the first quarter valued at approximately $150,000. Finally, AQR Capital Management LLC grew its position in shares of Ally Financial by 173.2% in the 1st quarter. AQR Capital Management LLC now owns 1,377,717 shares of the financial services provider's stock worth $49,984,000 after buying an additional 873,380 shares during the last quarter. Institutional investors own 88.76% of the company's stock.

Ally Financial Trading Up 0.8%

Shares of Ally Financial stock traded up $0.32 during trading on Thursday, hitting $41.43. The stock had a trading volume of 431,183 shares, compared to its average volume of 3,776,829. The stock has a 50 day simple moving average of $39.50 and a 200 day simple moving average of $36.54. The company has a market capitalization of $12.75 billion, a PE ratio of 26.89, a P/E/G ratio of 0.32 and a beta of 1.14. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 1.30. Ally Financial Inc. has a 1 year low of $29.52 and a 1 year high of $42.46.

Ally Financial (NYSE:ALLY - Get Free Report) last posted its quarterly earnings results on Friday, July 18th. The financial services provider reported $0.99 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.78 by $0.21. The business 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%. The firm's revenue was up 3.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.97 earnings per share. On average, research analysts expect that Ally Financial Inc. will post 3.57 EPS for the current fiscal year.

Ally Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Friday, August 1st were given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date was Friday, August 1st. Ally Financial's dividend payout ratio (DPR) is presently 77.92%.

Analyst Ratings Changes

A number of brokerages have issued reports on ALLY. JPMorgan Chase & Co. upped 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. Wall Street Zen raised Ally Financial from a "sell" rating to a "hold" rating in a report on Friday, May 23rd. Citigroup reiterated a "buy" rating and issued a $59.00 target price (up previously from $55.00) on shares of Ally Financial in a report on Wednesday, July 2nd. Wells Fargo & Company raised shares of Ally Financial from an "underweight" rating to an "equal weight" rating and raised their price objective for the stock from $37.00 to $45.00 in a report on Tuesday, September 2nd. Finally, Truist Financial raised their price target on Ally Financial from $44.00 to $45.00 and gave the company a "buy" rating in a report on Thursday, July 24th. Nine research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $43.67.

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.