Ally Financial Upgraded to Buy by StockNews.com

Ally Financial (NYSE:ALLY) has recently received an upgrade in its stock rating. On Wednesday, StockNews.com raised its rating from "hold" to "buy" in a research note.

Recent Ratings and Price Targets

Ally Financial has been the subject of various analyses by other financial institutions as well. For instance, on October 21, the Royal Bank of Canada reaffirmed an "outperform" rating and set a target price of $40.00 for the company's shares. Citigroup, in a note dated November 15, raised its price target from $50.00 to $55.00, also giving the stock a "buy" rating.

Furthermore, Barclays increased their price target from $36.00 to $44.00 and rated the company as "equal weight" as of January 6. Keefe, Bruyette & Woods similarly upgraded their target for Ally from $44.00 to $56.00, issuing an "outperform" rating on December 9. However, JPMorgan Chase & Co. recently lowered their price objective from $42.00 to $40.00, while maintaining an "overweight" rating.

Analyst Consensus

In total, one analyst has given the stock a sell rating, eight have issued holds, and ten have rated it as a buy. According to MarketBeat data, the overall consensus on the stock stands at a "hold" rating, with an average price target around $42.53.

Stock Performance

On the trading day following the news of the upgrade, Ally Financial shares rose by 5.0%, reaching $37.09. The stock's trading volume for the day was 2,819,240 shares, slightly above its average of 2,713,466 shares. Over the past year, Ally's stock has fluctuated between a low of $31.77 and a high of $45.46. Its market capitalization stands at approximately $11.30 billion. The company has a P/E ratio of 14.84 and a beta of 1.44, indicating some volatility relative to the market.

Earnings Report

Ally Financial released its latest earnings results on October 18, reporting earnings of $0.95 per share for the quarter, surpassing the average analyst expectation of $0.57. Revenue for the quarter totaled $2.10 billion, exceeding the consensus estimate of $2.03 billion. The company's revenue reflects a 6.9% increase compared to the same period last year.

Institutional Investors

Several hedge funds have recently adjusted their positions in Ally Financial. For example, Venturi Wealth Management LLC increased its holdings by 153.9% during the third quarter. Other firms such as Allworth Financial LP and Quarry LP similarly expanded their stakes, highlighting growing institutional interest in the company.

Company Overview

Ally Financial Inc is a digital financial services provider offering a range of products in automotive finance, insurance, mortgage finance, and corporate finance. With a presence in the United States, Canada, and Bermuda, the company continues to evolve in the digital financial landscape.

Conclusion

The recent upgrade by StockNews.com to a "buy" rating for Ally Financial indicates growing confidence in the company's potential. With positive earnings reports and improved analyst ratings, it may be an opportune time for investors to consider this stock for their portfolio.

Ally, Financial, Stocks