Bank of Nova Scotia Purchases Shares of 651,261 Ally Financial Inc. $ALLY

Key Points

• Bank of Nova Scotia acquired 651,261 Ally Financial shares worth approximately $29.9 million during the second quarter, giving it a 0.21% stake. Institutional investors and hedge funds collectively own 88.76% of Ally’s stock.
• Ally reported quarterly earnings of $1.21 per share, narrowly missing estimates, while revenue reached $2.28 billion, up 9.8% year over year. The company maintains a quarterly dividend of $0.30 per share, yielding about 2.8% annually.
• Analysts remain broadly positive, with 14 Buy ratings and two Holds, an overall “Moderate Buy” consensus, and an average price target of $53.64 versus the reported share price of $42.96.

Bank of Nova Scotia purchased a new position in shares of Ally Financial Inc. (NYSE:ALLY - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 651,261 shares of the financial services provider's stock, valued at approximately $29,925,000. Bank of Nova Scotia owned approximately 0.21% of Ally Financial at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the business. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Ally Financial during the 4th quarter worth approximately $29,000. Fideuram Asset Management Ireland dac bought a new stake in shares of Ally Financial during the 4th quarter worth approximately $35,000. Trust Co. of Vermont acquired a new stake in shares of Ally Financial in the 2nd quarter valued at approximately $36,000. Safe Harbor Fiduciary LLC acquired a new stake in shares of Ally Financial in the 4th quarter valued at approximately $37,000. Finally, Harvest Fund Management Co. Ltd bought a new position in shares of Ally Financial in the fourth quarter valued at $38,000. 88.76% of the stock is currently owned by institutional investors and hedge funds.

Ally Financial Price Performance

Shares of ALLY opened at $42.96 on Monday. The firm has a market capitalization of $13.07 billion, a PE ratio of 10.13, a PEG ratio of 0.27 and a beta of 1.10. The company's 50-day moving average is $44.82 and its 200-day moving average is $42.63. Ally Financial Inc. has a fifty-two week low of $35.92 and a fifty-two week high of $47.29. The company has a debt-to-equity ratio of 1.26, a current ratio of 0.92 and a quick ratio of 0.92.

Ally Financial (NYSE:ALLY - Get Free Report) last announced its earnings results on Tuesday, July 21st. The financial services provider reported $1.21 EPS for the quarter, missing the consensus estimate of $1.22 by ($0.01). The company had revenue of $2.28 billion for the quarter, compared to the consensus estimate of $2.22 billion. Ally Financial had a return on equity of 11.75% and a net margin of 16.75%.The business's quarterly revenue was up 9.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.99 EPS. Equities analysts forecast that Ally Financial Inc. will post 5.19 EPS for the current year.

Ally Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, July 31st were issued a dividend of $0.30 per share. The ex-dividend date of this dividend was Friday, July 31st. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.8%. Ally Financial's dividend payout ratio (DPR) is currently 28.30%.

Insider Activity

In other Ally Financial news, insider Stephanie N. Richard sold 5,000 shares of Ally Financial stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $44.23, for a total value of $221,150.00. Following the completion of the sale, the insider owned 88,927 shares in the company, valued at $3,933,241.21. The trade was a 5.32% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.46% of the company's stock.

Analysts Set New Price Targets

ALLY has been the topic of a number of recent analyst reports. Wall Street Zen downgraded shares of Ally Financial from a "buy" rating to a "hold" rating in a report on Monday, June 8th. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and issued a $58.00 price target on shares of Ally Financial in a research note on Wednesday, July 22nd. Royal Bank Of Canada lifted their price objective on shares of Ally Financial from $52.00 to $55.00 and gave the company an "outperform" rating in a research report on Friday, July 10th. Citigroup lowered their price objective on shares of Ally Financial from $70.00 to $58.00 and set a "buy" rating on the stock in a research note on Tuesday, June 23rd. Finally, Truist Financial dropped their target price on shares of Ally Financial from $54.00 to $51.00 and set a "buy" rating on the stock in a report on Tuesday, August 4th. Fourteen investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $53.64.

Ally Financial Company Profile

Ally Financial Inc is a leading digital financial services company headquartered in Detroit, Michigan. The company offers a comprehensive suite of banking, lending, and insurance products designed for retail and commercial customers. Through its online-only platform, Ally Bank provides checking and savings accounts, certificates of deposit, money market accounts, and home mortgages, emphasizing competitive rates and user-friendly mobile and web experiences.

In addition to its banking operations, Ally Financial is a major player in automotive financing and leasing.

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