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Ally Financial (ALLY) - Get Free Report fell in premarket trading Tuesday after an analyst at J.P. Morgan downgraded shares of the lender to neutral from overweight.

Richard Shane also lowered his price target on Ally to $33 from $35, which implies a 5.1% increase from the stock's closing price Monday of $31.41.

In premarket trading Tuesday, the stock declined 1.34% to $30.99.

The stock has risen 38.61% year to date.

According to Bloomberg, the average Wall Street price target for Ally is $38.35. The stock had 17 buys, 3 holds, zero sell ratings previously, according to Bloomberg.

Ally is scheduled to report earnings on Oct. 16. Analysts surveyed by FactSet expect the bank to post a profit of 98 cents a share and net interest income of $1.19 billion.

The company last week said its online brokerage and wealth management arm would cut commissions to zero per trade from $4.95 starting Oct. 9, joining a wave of online brokers that dropped their commissions following a move by Charles Schwab (SCHW) - Get Free Report .