Why It's Time to Buy Ally Financial
Ally Financial (NYSE: ALLY) entered the pandemic with a record stock price, but really displayed its experience by beating earnings estimates for the last three quarters thanks to its consumer-focused business mix. As an online-only bank, it was perfectly positioned to serve customers in the stay-at-home economy. The company now aims to expand on its enormous success in auto financing with other products, like mortgages, to drive future growth. If the company's current earnings trends continue into the future, it could become a powerful part of your portfolio.
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Many companies can boast a rich history, but few have seen as many storms as this century-old financial institution. Founded in 1919 by General Motors to provide automotive financing to its customers, Ally Financial remains true to its roots. It's the leader in auto finance, currently holding 7.7% of all car loans in the US -- $106.2 billion in loans to 4 million customers.
Source Fool.com
