As the markets continue their upswing, there are plenty of stocks out there hitting new all-time highs. Given the general negative market sentiment just a year ago, this may have seemed unlikely, but the broad-based indexes continue to perform. The S 500 is now trading above 5,000 and is already up 5.4% just in 2024.

While the broader market is doing well, not all stocks have rallied to the same degree. Take Ally Financial (NYSE: ALLY), for instance. The online bank has seen some investor hesitancy over the last few quarters as investors were concerned about various regional banking sector uncertainties, rising interest rates, and the company's exposure to the less-than-favorable automotive loan market. Its largest shareholder is Warren Buffett's Berkshire Hathaway, which owns close to 9% of the company (as of Dec. 31, 2023).

Share prices of Ally Financial are off roughly 36% from their all-time highs, trading for approximately $36 a share. Is it time to buy the dip and ride with Buffett? Let's investigate further and see how cheap Ally Financial stock truly is.

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Source Fool.com