Bank of Nova Scotia Raises Stake in Ally Financial Inc. (NYSE:ALLY)

Bank of Nova Scotia increased its stake in shares of Ally Financial Inc. (NYSE:ALLY - Free Report) by 63.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 140,342 shares of the financial services provider's stock after buying an additional 54,709 shares during the quarter. Bank of Nova Scotia's holdings in Ally Financial were worth $5,054,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in ALLY. Invesco Ltd. grew its position in Ally Financial by 27.0% in the 4th quarter. Invesco Ltd. now owns 2,272,243 shares of the financial services provider's stock worth $81,823,000 after purchasing an additional 483,063 shares during the last quarter. Polymer Capital Management US LLC bought a new position in Ally Financial in the 4th quarter worth approximately $352,000. Cerity Partners LLC increased its position in Ally Financial by 11.7% in the 4th quarter. Cerity Partners LLC now owns 18,411 shares of the financial services provider's stock valued at $661,000 after acquiring an additional 1,923 shares during the period. FMR LLC raised its stake in Ally Financial by 1.1% during the 4th quarter. FMR LLC now owns 3,259,705 shares of the financial services provider's stock valued at $117,382,000 after acquiring an additional 35,625 shares in the last quarter. Finally, Aster Capital Management DIFC Ltd acquired a new position in Ally Financial during the 4th quarter worth $78,000. 88.76% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on ALLY shares. BTIG Research downgraded Ally Financial from a "neutral" rating to a "sell" rating and set a $30.00 target price for the company. in a research report on Tuesday, March 25th. Morgan Stanley raised their target price on Ally Financial from $41.00 to $45.00 and gave the company an "overweight" rating in a research note on Thursday, January 23rd. Truist Financial dropped their price target on shares of Ally Financial from $47.00 to $45.00 and set a "buy" rating on the stock in a research report on Friday, April 4th. Bank of America lowered their price objective on shares of Ally Financial from $42.00 to $38.00 and set a "buy" rating on the stock in a research note on Monday, April 7th. Finally, Compass Point raised shares of Ally Financial from a "neutral" rating to a "buy" rating and increased their target price for the company from $37.00 to $41.00 in a research note on Monday, April 7th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $42.41.

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Insider Buying and Selling at Ally Financial

In related news, CFO Russell E. Hutchinson bought 19,100 shares of the firm's stock in a transaction on Friday, January 24th. The stock was acquired at an average cost of $39.45 per share, for a total transaction of $753,495.00. Following the purchase, the chief financial officer now owns 202,845 shares in the company, valued at approximately $8,002,235.25. This represents a 10.39 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Michael George Rhodes bought 25,634 shares of Ally Financial stock in a transaction that occurred on Monday, January 27th. The stock was purchased at an average cost of $39.09 per share, with a total value of $1,002,033.06. Following the completion of the acquisition, the chief executive officer now directly owns 25,634 shares in the company, valued at $1,002,033.06. This represents a ∞ increase in their position. The disclosure for this purchase can be found here. Insiders own 0.67% of the company's stock.

Ally Financial Price Performance

Shares of ALLY stock traded down $0.05 on Wednesday, reaching $32.28. The company's stock had a trading volume of 4,811,524 shares, compared to its average volume of 3,525,152. Ally Financial Inc. has a 12-month low of $29.52 and a 12-month high of $45.46. The stock's 50 day simple moving average is $35.51 and its 200-day simple moving average is $36.25. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 1.51. The company has a market capitalization of $9.91 billion, a P/E ratio of 12.42, a PEG ratio of 0.32 and a beta of 1.12.

Ally Financial (NYSE:ALLY - Get Free Report) last announced its earnings results on Wednesday, January 22nd. The financial services provider reported $0.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.21. The company had revenue of $2.09 billion during the quarter, compared to analyst estimates of $2.02 billion. Ally Financial had a net margin of 11.29% and a return on equity of 9.31%. The firm's quarterly revenue was up 3.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.45 earnings per share. As a group, equities analysts predict that Ally Financial Inc. will post 3.57 earnings per share for the current fiscal year.

Ally Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 15th. Investors of record on Thursday, May 1st will be issued a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 3.72%. Ally Financial's dividend payout ratio (DPR) is currently 46.15%.

Ally Financial Company 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.