Ally Financial (ALLY) was Smart Insider's stock pick of the week after Chief Executive Michael Rhodes acquired $992,000 worth of company shares at $41.68 apiece on Jan. 23.

This was Rhodes' second stock purchase since joining as he previously purchased a similar size at $39.09 per share in January last year, Smart Insider said in a Wednesday note, adding that it is "encouraging" that Rhodes continues to buy at a slightly higher price.

Chief Financial Officer Russell Hutchinson also acquired $500,000 worth of company shares on Jan. 27, according to the note.

This was Hutchinson's third stock purchase since joining, and he is now buying in "good absolute size" and paid his highest price for the latest purchase, the note said.

Smart Insider ranked the stock +1, or strong positive signal, on Jan. 29.