Ally Financial Stock Shows Modest Rise Amid Strong Q1 Earnings

Published 7 hours agoALLY

Ally Financial Stock Shows Modest Rise Amid Strong Q1 Earnings

Ally Financial Inc. (NYSE: ALLY) is seeing a modest bump in its stock price, trading at $33.87 per share, marking a slight increase of 0.27% from its previous close. On Friday, the stock opened at $33.66 and maintained stability throughout the day, with its price reaching a high of $33.87 by mid-afternoon.

Ally's recent financial performance has been strong, as reported by news outlets such as Investing.com. In the first quarter of 2024, the company announced an adjusted earnings per share of $0.45, with total revenue reaching $2 billion. The net interest margin was reported at 3.16%, with expectations for further growth. The company's auto finance division recorded 3.8 million applications, resulting in nearly $10 billion in originations. Additionally, Ally Bank expanded its customer base by adding over 100,000 new customers, with deposits up by $2.9 billion.

In terms of strategic moves, Ally has enhanced its capital management by selling Ally Lending and securitizing auto loans, which improved its capital efficiency. The company's Common Equity Tier 1 ratio rose to 9.4%, well above regulatory requirements. Goldman Sachs expressed a positive outlook on the stock, noting it as undervalued and still holding long-term potential despite near-term challenges.

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