Ally Financial Inc (NYSE:ALLY) Shares Sold by Pictet Asset Management Ltd.

Pictet Asset Management Ltd. cut its holdings in shares of Ally Financial Inc (NYSE:ALLY) by 1.4% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 159,229 shares of the financial services provider’s stock after selling 2,200 shares during the quarter. Pictet Asset Management Ltd.’s holdings in Ally Financial were worth $4,377,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the business. Harel Insurance Investments & Financial Services Ltd. bought a new position in shares of Ally Financial in the first quarter worth approximately $31,000. Enlightenment Research LLC bought a new position in shares of Ally Financial in the fourth quarter worth approximately $54,000. Truvestments Capital LLC bought a new position in shares of Ally Financial in the first quarter worth approximately $74,000. Private Capital Group LLC grew its holdings in shares of Ally Financial by 69.8% in the first quarter. Private Capital Group LLC now owns 3,090 shares of the financial services provider’s stock worth $85,000 after purchasing an additional 1,270 shares during the last quarter. Finally, Kinneret Advisory LLC bought a new position in shares of Ally Financial in the fourth quarter worth approximately $121,000. 97.02% of the stock is currently owned by hedge funds and other institutional investors.

NYSE:ALLY traded up $0.37 during trading hours on Monday, hitting $31.36. The company had a trading volume of 3,092,600 shares, compared to its average volume of 3,357,164. The firm has a market cap of $12.31 billion, a P/E ratio of 9.39, a PEG ratio of 0.61 and a beta of 1.31. The company’s 50-day simple moving average is $29.64. Ally Financial Inc has a 52 week low of $20.60 and a 52 week high of $31.70. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 3.03.

Ally Financial (NYSE:ALLY) last announced its earnings results on Thursday, April 18th. The financial services provider reported $0.80 EPS for the quarter, beating the Zacks’ consensus estimate of $0.79 by $0.01. Ally Financial had a net margin of 23.12% and a return on equity of 10.90%. The firm had revenue of $1.60 billion for the quarter, compared to analysts’ expectations of $1.53 billion. During the same quarter in the previous year, the business posted $0.68 EPS. The company’s quarterly revenue was up 13.9% on a year-over-year basis. On average, sell-side analysts forecast that Ally Financial Inc will post 3.62 EPS for the current fiscal year.

Ally Financial declared that its board has initiated a stock repurchase program on Monday, April 1st that authorizes the company to repurchase $1.25 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 10.5% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Several research analysts have recently issued reports on the stock. Zacks Investment Research upgraded shares of Ally Financial from a “hold” rating to a “buy” rating and set a $32.00 target price on the stock in a report on Thursday, April 11th. Morgan Stanley raised their target price on shares of Ally Financial from $30.00 to $32.00 and gave the stock an “equal weight” rating in a report on Monday, April 22nd. Oppenheimer set a $33.00 price target on shares of Ally Financial and gave the company a “buy” rating in a report on Wednesday, April 17th. Finally, BMO Capital Markets lifted their price target on shares of Ally Financial to $39.00 and gave the company a “market perform” rating in a report on Monday, April 22nd. Six investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Ally Financial presently has a consensus rating of “Buy” and a consensus price target of $33.09.

In other Ally Financial news, Director Mayree C. Clark bought 5,000 shares of the company’s stock in a transaction dated Thursday, May 2nd. The shares were purchased at an average price of $29.71 per share, for a total transaction of $148,550.00. Following the acquisition, the director now owns 46,248 shares in the company, valued at approximately $1,374,028.08. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, CAO David J. Debrunner sold 2,222 shares of Ally Financial stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $29.80, for a total value of $66,215.60. Following the completion of the transaction, the chief accounting officer now directly owns 110,201 shares of the company’s stock, valued at approximately $3,283,989.80. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 6,666 shares of company stock worth $199,802. Company insiders own 0.35% of the company’s stock.

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.

Further Reading: Outstanding Shares

Institutional Ownership by Quarter for Ally Financial (NYSE:ALLY)

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