Is Ally Financial a Buy?
These are interesting times, which is not always a good thing. You certainly don't have to tell investors in bank stocks how "interesting" these times have been, as bank stocks are down about 36% through the first two quarters of 2020. The outlook for banks is pretty "interesting" too, given the state of the economy.
But there are definitely some silver linings in the passing clouds if you know where to look. One of them is Ally Financial (NYSE: ALLY). While Ally hasn't fared any better than its peers through the crisis (its stock is down about 36% year to date), there are still some good reasons to consider adding it to your portfolio.
First, a little background on this company is needed. Ally Financial is the nation's 17th largest bank with about $170 billion in assets. It was the former GMAC, or General Motors Acceptance Corp., which started as an auto financing company launched by General Motors. It soon expanded its services into car insurance, mortgage lending, and banking. The company rebranded as Ally Financial in 2010 and went public in 2014.
Source Fool.com
