Mackenzie Financial Corp Decreases Position in Ally Financial Inc. (NYSE:ALLY)

Key Points

• Mackenzie Financial Corp reduced its stake in Ally Financial by 69.2% in the 1st quarter, leaving it with 23,795 shares valued at approximately $868,000.
• Ally Financial reported $0.99 earnings per share (EPS), exceeding expectations of $0.78, with a net margin of 7.64% and a revenue of $2.08 billion for the quarter.
• The company declared a quarterly dividend of $0.30 per share, with an annualized yield of 3.2% and a payout ratio of 77.92%.

Mackenzie Financial Corp lowered its position in Ally Financial Inc. (NYSE:ALLY - Free Report) by 69.2% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 23,795 shares of the financial services provider's stock after selling 53,342 shares during the period. Mackenzie Financial Corp's holdings in Ally Financial were worth $868,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Copia Wealth Management purchased a new stake in Ally Financial during the 1st quarter valued at about $27,000. Private Trust Co. NA boosted its holdings in shares of Ally Financial by 125.7% during the 1st quarter. Private Trust Co. NA now owns 914 shares of the financial services provider's stock worth $33,000 after purchasing an additional 509 shares during the last quarter. Bessemer Group Inc. grew its position in shares of Ally Financial by 59.6% in the first quarter. Bessemer Group Inc. now owns 1,010 shares of the financial services provider's stock valued at $37,000 after purchasing an additional 377 shares in the last quarter. Aster Capital Management DIFC Ltd acquired a new stake in shares of Ally Financial in the fourth quarter valued at approximately $78,000. Finally, Fifth Third Bancorp lifted its position in Ally Financial by 22.3% during the first quarter. Fifth Third Bancorp now owns 2,519 shares of the financial services provider's stock worth $92,000 after buying an additional 459 shares in the last quarter. Institutional investors and hedge funds own 88.76% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have issued reports on ALLY shares. Wall Street Zen raised Ally Financial from a "sell" rating to a "hold" rating in a research note on Friday, May 23rd. JPMorgan Chase & Co. raised their price objective on shares of Ally Financial from $44.00 to $45.00 and gave the stock an "overweight" rating in a research report on Monday, July 21st. Truist Financial boosted their target price on shares of Ally Financial from $44.00 to $45.00 and gave the company a "buy" rating in a report on Thursday, July 24th. Wells Fargo & Company cut their price target on shares of Ally Financial from $34.00 to $32.00 and set an "underweight" rating for the company in a report on Monday, April 21st. Finally, Citigroup reaffirmed a "buy" rating and set a $59.00 price target (up previously from $55.00) on shares of Ally Financial in a research report on Wednesday, July 2nd. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, Ally Financial presently has a consensus rating of "Hold" and a consensus target price of $42.80.

Ally Financial Stock Performance

NYSE ALLY traded up $0.52 during trading on Friday, reaching $37.47. The company's stock had a trading volume of 1,811,674 shares, compared to its average volume of 3,988,371. The business's fifty day moving average price is $38.15 and its 200-day moving average price is $36.33. Ally Financial Inc. has a twelve month low of $29.52 and a twelve month high of $43.86. The company has a debt-to-equity ratio of 1.30, a quick ratio of 0.92 and a current ratio of 0.92. The firm has a market cap of $11.53 billion, a price-to-earnings ratio of 24.33, a P/E/G ratio of 0.29 and a beta of 1.16.

Ally Financial (NYSE:ALLY - Get Free Report) last issued its quarterly earnings results on Friday, July 18th. The financial services provider reported $0.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.78 by $0.21. Ally Financial had a return on equity of 9.48% and a net margin of 7.64%. The firm had revenue of $2.08 billion for the quarter, compared to analysts' expectations of $2.03 billion. During the same quarter in the previous year, the firm posted $0.97 EPS. The firm's revenue for the quarter was up 3.0% on a year-over-year basis. As a group, analysts anticipate that Ally Financial Inc. will post 3.57 EPS for the current fiscal year.

Ally Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Friday, August 1st will be given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date is Friday, August 1st. Ally Financial's dividend payout ratio (DPR) is 77.92%.

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.