KBC Group NV has significantly increased its holdings in Ally Financial Inc. (NYSE:ALLY), raising its stake by 133.3% during the fourth quarter. The firm now owns 582,042 shares after acquiring an additional 332,538 shares, bringing the total value to approximately $20.96 million.
Other institutional investors have also adjusted their positions. State Street Corp increased its stake by 0.5%, owning over 10.7 million shares valued at $380.98 million. Assenagon Asset Management S.A. saw a substantial 233.4% increase, now holding 2.43 million shares valued at $87.51 million. Jacobs Levy Equity Management Inc. also boosted its position by 217.0% in the third quarter.
In a notable insider transaction, CFO Russell E. Hutchinson purchased 19,100 shares at an average price of $39.45, totaling $753,495. Following this, he owns 202,845 shares valued at about $8 million.
Analysts have responded positively, with Royal Bank of Canada raising its price target for Ally Financial from $41.00 to $45.00, maintaining an 'outperform' rating. Barclays and Morgan Stanley have also increased their price targets, reflecting growing confidence in the stock's performance.
Ally Financial's shares opened at $39.14 today, with a market capitalization of $11.93 billion. The stock has experienced a 12-month range between $31.95 and $45.46, indicating volatility in market conditions.
With a recent quarterly earnings report showing earnings per share of $0.78, exceeding expectations, Ally continues to attract interest from both institutional investors and analysts alike.