Synovus Financial Corp Trims Stock Position in General Motors (NYSE:GM)

Synovus Financial Corp cut its position in General Motors (NYSE:GM) (TSE:GMM.U) by 49.2% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,246 shares of the auto manufacturer’s stock after selling 22,557 shares during the quarter. Synovus Financial Corp’s holdings in General Motors were worth $1,238,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently bought and sold shares of GM. Sagespring Wealth Partners LLC bought a new position in shares of General Motors in the fourth quarter worth approximately $487,000. Townsquare Capital LLC lifted its holdings in shares of General Motors by 14.4% during the 4th quarter. Townsquare Capital LLC now owns 82,000 shares of the auto manufacturer’s stock worth $4,368,000 after acquiring an additional 10,307 shares during the last quarter. Rockefeller Capital Management L.P. grew its position in General Motors by 5.8% in the fourth quarter. Rockefeller Capital Management L.P. now owns 119,754 shares of the auto manufacturer’s stock worth $6,372,000 after acquiring an additional 6,558 shares in the last quarter. Heritage Trust Co purchased a new stake in General Motors during the fourth quarter valued at about $6,034,000. Finally, Dymon Asia Capital Singapore PTE. LTD. purchased a new position in shares of General Motors in the 4th quarter worth about $1,089,000. 92.67% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have issued reports on GM shares. StockNews.com lowered General Motors from a “buy” rating to a “hold” rating in a research note on Wednesday, February 5th. UBS Group reissued a “neutral” rating and issued a $51.00 price target (down from $64.00) on shares of General Motors in a research note on Thursday, April 10th. Piper Sandler lifted their price objective on General Motors from $45.00 to $48.00 and gave the stock a “neutral” rating in a report on Thursday, March 20th. Deutsche Bank Aktiengesellschaft lowered General Motors from a “buy” rating to a “hold” rating and set a $43.00 price target on the stock. in a research report on Monday. Finally, The Goldman Sachs Group decreased their target price on shares of General Motors from $73.00 to $63.00 and set a “buy” rating on the stock in a research note on Thursday, April 10th. Five analysts have rated the stock with a sell rating, nine have given a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, General Motors has an average rating of “Hold” and an average target price of $56.72.

Insider Activity at General Motors

In related news, Director Alfred F. Kelly, Jr. purchased 12,000 shares of General Motors stock in a transaction dated Thursday, January 30th. The stock was purchased at an average cost of $50.66 per share, for a total transaction of $607,920.00. Following the completion of the purchase, the director now directly owns 13,714 shares of the company’s stock, valued at $694,751.24. The trade was a 700.12 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.72% of the stock is currently owned by insiders.

General Motors Price Performance

Shares of GM opened at $44.55 on Wednesday. The firm’s 50-day simple moving average is $47.24 and its two-hundred day simple moving average is $50.34. General Motors has a fifty-two week low of $38.96 and a fifty-two week high of $61.24. The stock has a market cap of $44.33 billion, a PE ratio of 7.24, a price-to-earnings-growth ratio of 0.67 and a beta of 1.27. The company has a debt-to-equity ratio of 1.38, a quick ratio of 0.98 and a current ratio of 1.13.

General Motors (NYSE:GM) (TSE:GMM.U) last released its earnings results on Tuesday, January 28th. The auto manufacturer reported $1.92 EPS for the quarter, topping the consensus estimate of $1.75 by $0.17. General Motors had a return on equity of 15.29% and a net margin of 3.21%. Analysts anticipate that General Motors will post 11.44 earnings per share for the current fiscal year.

General Motors Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 20th. Investors of record on Friday, March 7th were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 1.08%. The ex-dividend date was Friday, March 7th. General Motors’s dividend payout ratio (DPR) is currently 7.80%.

General Motors declared that its board has authorized a stock repurchase plan on Wednesday, February 26th that permits the company to buyback $6.00 billion in outstanding shares. This buyback authorization permits the auto manufacturer to purchase up to 12.5% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.

About General Motors

General Motors Company designs, builds, and sells trucks, crossovers, cars, and automobile parts; and provide software-enabled services and subscriptions worldwide. The company operates through GM North America, GM International, Cruise, and GM Financial segments. It markets its vehicles primarily under the Buick, Cadillac, Chevrolet, GMC, Baojun, and Wuling brand names.