Ally Financial (NYSE: ALLY) stock surged more than 8% in pre-market trading on Friday after the bank holding company reported better-than-expected Q4 results. The company reported Q4 revenues of $2.2 billion, flat year-over-year but surpassing Street estimates by $140 million.
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Adjusted earnings came in at $1.08 per share beating analysts’ expectations of $0.97.
The company’s retail deposits grew quarter-over-quarter to $3.8 billion while its retail deposit customers increased to 85, 000 at the end of Q4. Consumer auto originations stood at $9.2 billion with an estimated auto retail auto originated yield of 9.57%, up 260 basis points year-over-year.
More importantly, ALLY’s insurance business swung to a profit in Q4 with a pre-tax insurance income of $101 million versus a loss of $30 million in the third quarter.
Analysts are sidelined about ALLY stock with a Hold consensus rating based on two Buys, five Holds, and three Sells.
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