Ally Financial Inc. ALLY, -1.53% said Tuesday it will suspend stock repurchases through the second quarter of 2020. "This voluntary action is being taken to support the Federal Reserve's effort to mitigate the impact of the COVID-19 pandemic on the U.S. economy and the financial system," the digital financial-services company said in a statement. The company said it's plan to suspend buybacks doesn't impact its planned dividend payments. Ally's current dividend implies a yield of 4.60%, compared with the implied yield for the S&P 500 SPX, -1.11% of 2.43%. Ally spent about $298.6 million to buy back 9.55 million shares during the fourth quarter, and had $652 million available in its share repurchase program as of Dec. 31, filings show. The company's move to suspend buybacks comes after a trade group representing some of the largest banks in the U.S. said its members had temporarily suspended repurchases. The stock rose 2.7% in afternoon trading. It has tumbled 49.7% over the past month, while the S&P 500 has declined 26.0%.