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HSBC to divest its Argentina business in order to sharpen its focus on Asia. The deal, valued at $550 million, is expected to be completed within the next 12 months.
Ally Financial has a higher dividend yield and faster dividend growth than JPMorgan. Ally is a leader in the automotive finance business and is expanding its consumer banking operations.
Shares of consumer lending stock Ally Financial Inc (NYSE:ALLY) are down 0.7% at $38.76 at last glance, following a bear note from J.P.
Ally Financial has announced that Michael G. Rhodes will become its new CEO and will be appointed to the board of directors on April 29.
Ally Financial said on Wednesday that Michael Rhodes will take over as chief executive officer of the company from April 29.
Discover Financial Services DFS, +2.06% said Wednesday that it had accepted the resignation of Chief Executive Michael G. Rhodes, who is moving on to become CEO at Ally Financial Inc. ALLY, +1.61% Rhodes's resignation from Discover takes effect Monday, April 1, and he starts at Ally on April 29.
Ally has a strong consumer focus and is gaining new customers for its digital banking services. It has a robust auto finance segment that hasn't missed a beat.
Ally's financial results suffered from interest rate hikes, leading to lower net interest income, net interest margin, and increased efficiency ratio. With an anticipated decline in interest rates, the company could benefit from increased demand for auto loans from customers with high credit scores who currently find the rates unattractive. Anticipating a dovish scenario and considering its superior valuation compared to its closest competitor, I rate Ally stock as a buy.
Ally Financial continues to increase its deposit base, and the business returns lots of capital to shareholders. Ally depends heavily on the status of the automotive industry.
With the S&P 500 and Nasdaq both near all-time highs, it can be difficult to find attractive opportunities. These three stocks are all in Berkshire Hathaway's portfolio and still look like strong long-term opportunities.