NEW YORK (TheStreet) -- Shares of Ally Financial (ALLY) are up 3.74% to $23.60 on heavy trading volume after the Treasury Department sold its remaining stake in the company, according to the Wall Street Journal.
The Treasury sold 54.9 million shares at $23.25 per share, generating $1.3 billion, the Treasury said. The sale signified the Treasury's last major Troubled Asset Relief Program (TARP) investment, the Journal said.
The investment in Ally generated $19.6 billion for taxpayers in total, $2.4 billion more than the $17.2 billion Treasury initially put into Ally, the Journal noted, adding that as a result of the sale, Ally will no longer be part of the TARP program.
Separately, Ally Financial received a subpoena from the Justice Department asking for information related to the bank's subprime automotive finance lending practices, the bank said yesterday.
About 15.46 million shares changed hands by 10:27 a.m. in New York, compared to the average of 2.76 million shares.