Piper Jaffray Companies Weighs in on Ally Financial Inc’s Q2 2019 Earnings (NYSE:ALLY)
Ally Financial Inc (NYSE:ALLY) – Equities research analysts at Piper Jaffray Companies lifted their Q2 2019 earnings estimates for Ally Financial in a research note issued on Monday, July 8th. Piper Jaffray Companies analyst K. Barker now expects that the financial services provider will earn $0.82 per share for the quarter, up from their previous estimate of $0.80. Piper Jaffray Companies also issued estimates for Ally Financial’s Q4 2019 earnings at $0.94 EPS, FY2019 earnings at $3.52 EPS and Q1 2020 earnings at $0.88 EPS.
Other research analysts have also issued reports about the stock. Citigroup set a $95.00 price objective on shares of iRobot and gave the stock a “hold” rating in a report on Wednesday, July 3rd. Morgan Stanley downgraded shares of Silicon Motion Technology from an “equal weight” rating to an “underweight” rating in a research report on Monday, April 22nd. Zacks Investment Research cut shares of EXACT Sciences from a “hold” rating to a “sell” rating in a research note on Tuesday, July 2nd. Oppenheimer set a $119.00 price objective on shares of American Express and gave the stock a “buy” rating in a research note on Wednesday, April 17th. Finally, BMO Capital Markets set a $44.00 target price on shares of Schlumberger and gave the stock a “hold” rating in a research report on Monday, April 22nd. Six equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $33.25.
Ally Financial (NYSE:ALLY) last announced its quarterly earnings data on Thursday, April 18th. The financial services provider reported $0.80 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.79 by $0.01. The company had revenue of $1.60 billion during the quarter, compared to analyst estimates of $1.53 billion. Ally Financial had a net margin of 23.12% and a return on equity of 10.90%. The firm’s revenue for the quarter was up 13.9% compared to the same quarter last year. During the same period last year, the business earned $0.68 EPS.
Ally Financial declared that its board has authorized a share buyback plan on Monday, April 1st that authorizes the company to buyback $1.25 billion in shares. This buyback authorization authorizes the financial services provider to reacquire up to 10.5% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.
In other Ally Financial news, Director Mayree C. Clark purchased 5,000 shares of the company’s stock in a transaction on Thursday, May 2nd. The shares were purchased at an average cost of $29.71 per share, with a total value of $148,550.00. Following the completion of the purchase, the director now owns 46,248 shares in the company, valued at $1,374,028.08. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CAO David J. Debrunner sold 2,222 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $31.32, for a total value of $69,593.04. Following the completion of the transaction, the chief accounting officer now directly owns 105,757 shares in the company, valued at $3,312,309.24. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 6,666 shares of company stock worth $199,802. 0.35% of the stock is owned by insiders.
A number of hedge funds have recently bought and sold shares of ALLY. Norges Bank purchased a new stake in Ally Financial during the 4th quarter worth about $109,098,000. Oaktree Capital Management LP lifted its stake in shares of Ally Financial by 34.6% in the 4th quarter. Oaktree Capital Management LP now owns 11,723,541 shares of the financial services provider’s stock valued at $265,655,000 after purchasing an additional 3,011,141 shares during the period. Lakewood Capital Management LP increased its position in Ally Financial by 20.3% during the 4th quarter. Lakewood Capital Management LP now owns 10,864,809 shares of the financial services provider’s stock valued at $246,197,000 after buying an additional 1,829,956 shares in the last quarter. Magnolia Group LLC increased its position in Ally Financial by 30.5% during the 1st quarter. Magnolia Group LLC now owns 5,626,671 shares of the financial services provider’s stock valued at $154,677,000 after buying an additional 1,315,199 shares in the last quarter. Finally, FMR LLC increased its position in Ally Financial by 129.3% during the 1st quarter. FMR LLC now owns 1,801,409 shares of the financial services provider’s stock valued at $49,521,000 after buying an additional 1,015,634 shares in the last quarter. 97.02% of the stock is currently owned by institutional investors and hedge funds.
About Ally Financial
Ally Financial Inc provides various financial products and services to consumers, businesses, automotive dealers, and corporate customers primarily in the United States and Canada. It operates through Automotive Finance Operations, Insurance Operations, Mortgage Finance Operations, and Corporate Finance Operations segments.
Recommended Story: Cost of Debt
Receive News & Ratings for Ally Financial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ally Financial and related companies with MarketBeat.com's FREE daily email newsletter.