I don't love banking stocks right now because they have so much bad debt on the books, but Ally Financial looks good for at least a short-to-mid-term play. With a P/E of 7.62 and a valuation rating of 94/100 from S&P Global Market Intelligence, Ally looks very attractively valued. It beat estimates and raised guidance on its last earnings report, its earnings grew 10% last quarter vs. the same quarter the previous year. With a 2% dividend yield, Ally offers decent quarterly cash return as well as good growth potential. Best of all, Ally is sitting on a support and looks ready for a bounce from $30 per share. This is definitely my pick of the day.
For more market news, stock analysis, and educational videos for traders, check out my YouTube channel, "Wall Street Petting Zoo."
For more market news, stock analysis, and educational videos for traders, check out my YouTube channel, "Wall Street Petting Zoo."
Nota
Ally got rejected from resistance today, so it's not a bad time to take the 5% profit. I will be holding, however, because I believe the stock is still undervalued and should have more upside.Nota
Ally is back in a bounce zone, so it's a decent time to re-enter.
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