CHARLOTTE, N.C., Jan. 11, 2022 /PRNewswire/ -- Ally Financial Inc.
(NYSE: ALLY) announced today that its board of directors has
authorized the company to repurchase up to $2.0 billion of its common stock, effective until
Dec. 31, 2022. Ally recently
completed a $2.0 billion share
repurchase program in 2021, and expects to begin repurchasing
shares in the first quarter of 2022. Additionally, the board of
directors declared a quarterly cash dividend of $0.30 per share of the company's common stock,
representing a 20% increase compared to the company's prior
quarterly cash dividend. The dividend will be payable on
Feb. 15, 2022 to stockholders of
record on Feb. 1, 2022.
"The strength of Ally's balance sheet and capital position
allows us to meaningfully increase our common dividend for the
seventh time in as many years and maintain a robust
share-repurchase program," said Ally Chief Executive Officer
Jeffrey J. Brown. "Both actions
represent important components of our capital allocation framework
and our broader objective to drive long-term value for all of
our stakeholders."
Ally's board of directors has also declared quarterly cash
dividend payments for the company's Series B and Series C preferred
stock, payable on Feb. 15, 2022 to
shareholders of record on Jan. 31,
2022. A quarterly cash dividend payment was declared on
Ally's 4.700% Fixed-Rate Reset Non-Cumulative Perpetual Preferred
Stock, Series B, of approximately $15.9
million, or $11.75 per share.
Additionally, a dividend payment was declared on Ally's 4.700%
Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series
C, of approximately $11.8 million, or
$11.75 per share.
The repurchase program enables Ally to acquire shares through
open market purchases or privately negotiated transactions,
including through a Rule 10b5-1 plan, at the discretion of
management and on terms (including quantity, timing, and price)
that management determines to be advisable. Actions in connection
with the repurchase program will be subject to various factors,
including Ally's capital and liquidity positions, accounting and
regulatory considerations (including any restrictions that may be
imposed by the Federal Reserve), impacts related to the Coronavirus
disease 2019 pandemic, Ally's financial and operational
performance, alternative uses of capital, the trading price of
Ally's common stock, and general market conditions. The repurchase
program does not obligate Ally to acquire a specific dollar amount
or number of shares and may be extended, modified, or discontinued
at any time.
About Ally Financial
Ally Financial Inc. (NYSE: ALLY) is a digital financial services
company committed to its promise to "Do It Right" for its consumer,
commercial and corporate customers. Ally is composed of an
industry-leading independent auto finance and insurance operation,
an award-winning digital direct bank (Ally
Bank, Member FDIC and Equal Housing Lender, which offers
mortgage lending, point-of-sale personal lending, and a variety of
deposit and other banking products), a corporate finance business
for equity sponsors and middle-market companies, and securities
brokerage and investment advisory services. A relentless ally for
all things money, Ally helps people save well and earn well, so
they can spend for what matters. For more information, please visit
www.ally.com and follow @allyfinancial.
For more information and disclosures about Ally, visit
https://www.ally.com/#disclosures.
Daniel Eller
Ally Investor Relations
704-444-5216
daniel.eller@ally.com
Jillian Palash
Ally Communications (Media)
704-644-6201
Jillian.palash@ally.com
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SOURCE Ally Financial