State of New Jersey Common Pension Fund D Sells 46,476 Shares of Ally Financial Inc. (NYSE:ALLY)

State of New Jersey Common Pension Fund D cut its stake in shares of Ally Financial Inc. (NYSE:ALLY) by 32.4% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 97,077 shares of the financial services provider’s stock after selling 46,476 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Ally Financial were worth $3,851,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in ALLY. Allspring Global Investments Holdings LLC lifted its holdings in Ally Financial by 510.7% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 629 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 526 shares in the last quarter. Transcendent Capital Group LLC bought a new position in shares of Ally Financial during the 1st quarter valued at approximately $28,000. Rise Advisors LLC bought a new position in shares of Ally Financial during the 1st quarter valued at approximately $32,000. Quarry LP boosted its position in shares of Ally Financial by 165.7% during the 4th quarter. Quarry LP now owns 959 shares of the financial services provider’s stock valued at $33,000 after acquiring an additional 598 shares during the last quarter. Finally, SYSTM Wealth Solutions LLC boosted its position in shares of Ally Financial by 571.7% during the 1st quarter. SYSTM Wealth Solutions LLC now owns 927 shares of the financial services provider’s stock valued at $38,000 after acquiring an additional 789 shares during the last quarter. 88.76% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Citigroup assumed coverage on Ally Financial in a research report on Monday, June 24th. They set a “buy” rating and a $50.00 target price for the company. BTIG Research downgraded Ally Financial from a “buy” rating to a “neutral” rating in a research report on Monday. Morgan Stanley lowered their target price on Ally Financial from $49.00 to $45.00 and set an “overweight” rating for the company in a research report on Wednesday, September 11th. Keefe, Bruyette & Woods lowered their target price on Ally Financial from $50.00 to $44.00 and set an “outperform” rating for the company in a research report on Monday. Finally, Evercore ISI increased their target price on Ally Financial from $43.00 to $45.00 and gave the company an “in-line” rating in a research report on Tuesday, June 25th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $41.41.

Ally Financial Stock Performance

ALLY stock opened at $33.77 on Wednesday. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 1.39. The business’s fifty day simple moving average is $41.00 and its two-hundred day simple moving average is $39.70. Ally Financial Inc. has a twelve month low of $22.54 and a twelve month high of $45.46. The firm has a market cap of $10.27 billion, a price-to-earnings ratio of 13.78, a PEG ratio of 0.32 and a beta of 1.40.

Ally Financial (NYSE:ALLY) last released its earnings results on Wednesday, July 17th. The financial services provider reported $0.97 earnings per share for the quarter, topping analysts’ consensus estimates of $0.64 by $0.33. Ally Financial had a return on equity of 8.37% and a net margin of 10.26%. The business had revenue of $2 billion for the quarter, compared to analyst estimates of $2.03 billion. During the same quarter last year, the firm posted $0.96 earnings per share. The business’s revenue was down 3.8% compared to the same quarter last year. Analysts predict that Ally Financial Inc. will post 3.51 earnings per share for the current year.

Ally Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Thursday, August 1st were paid a dividend of $0.30 per share. The ex-dividend date was Thursday, August 1st. This represents a $1.20 annualized dividend and a dividend yield of 3.55%. Ally Financial’s dividend payout ratio is currently 48.98%.

Ally Financial 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.