Resona Asset Management Co. Ltd. Buys 6,899 Shares of Ally Financial Inc. $ALLY

Key Points

• Resona Asset Management Co. Ltd. increased its stake in Ally Financial Inc. by 8.7%, owning a total of 86,577 shares worth approximately $3.17 million.
• Ally Financial reported a quarterly earnings per share of $0.99, exceeding analyst expectations of $0.78 and showcasing a 3% increase in quarterly revenue compared to the previous year.
• The company also declared a quarterly dividend of $0.30 per share, translating to an annualized dividend of $1.20 and a yield of 3.1%.

Resona Asset Management Co. Ltd. lifted its stake in shares of Ally Financial Inc. (NYSE:ALLY - Free Report) by 8.7% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 86,577 shares of the financial services provider's stock after buying an additional 6,899 shares during the period. Resona Asset Management Co. Ltd.'s holdings in Ally Financial were worth $3,168,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of ALLY. Cerity Partners LLC increased its holdings in shares of Ally Financial by 11.7% during the fourth quarter. Cerity Partners LLC now owns 18,411 shares of the financial services provider's stock worth $661,000 after buying an additional 1,923 shares in the last quarter. Renaissance Technologies LLC increased its holdings in shares of Ally Financial by 70.0% during the fourth quarter. Renaissance Technologies LLC now owns 127,300 shares of the financial services provider's stock worth $4,584,000 after buying an additional 52,400 shares in the last quarter. Raymond James Financial Inc. acquired a new position in shares of Ally Financial during the fourth quarter worth $2,337,000. Marshall Wace LLP acquired a new position in shares of Ally Financial during the fourth quarter worth $19,178,000. Finally, Forum Financial Management LP acquired a new position in shares of Ally Financial during the fourth quarter worth $318,000. 88.76% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on ALLY. BTIG Research upgraded Ally Financial from a "sell" rating to a "neutral" rating in a report on Monday, July 14th. JPMorgan Chase & Co. increased their price objective on Ally Financial from $44.00 to $45.00 and gave the company an "overweight" rating in a report on Monday, July 21st. Morgan Stanley restated an "overweight" rating and issued a $47.00 price objective (up from $39.00) on shares of Ally Financial in a report on Thursday, July 10th. Wall Street Zen upgraded Ally Financial from a "sell" rating to a "hold" rating in a report on Friday, May 23rd. Finally, Truist Financial increased their price objective on Ally Financial from $44.00 to $45.00 and gave the company a "buy" rating in a report on Thursday, July 24th. Nine equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Ally Financial presently has a consensus rating of "Hold" and an average price target of $42.80.

Ally Financial Trading Up 4.6%

ALLY traded up $1.7620 during trading on Friday, reaching $40.2120. 673,388 shares of the stock traded hands, compared to its average volume of 3,878,868. 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 stock has a market capitalization of $12.38 billion, a PE ratio of 26.09, a P/E/G ratio of 0.30 and a beta of 1.16. The stock's 50-day moving average is $38.61 and its 200 day moving average is $36.27. Ally Financial Inc. has a 12 month low of $29.52 and a 12 month high of $43.86.

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

Ally Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Friday, August 1st were given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend was Friday, August 1st. Ally Financial's dividend payout ratio 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.