Atlantic Union Bankshares Corp Reduces Position in General Motors (NYSE:GM)

Atlantic Union Bankshares Corp reduced its position in General Motors (NYSE:GM) (TSE:GMM.U) by 5.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 18,900 shares of the auto manufacturer’s stock after selling 1,068 shares during the quarter. Atlantic Union Bankshares Corp’s holdings in General Motors were worth $878,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in GM. McAdam LLC bought a new stake in shares of General Motors during the second quarter worth $366,000. LRI Investments LLC lifted its holdings in General Motors by 335.4% during the 2nd quarter. LRI Investments LLC now owns 3,235 shares of the auto manufacturer’s stock valued at $150,000 after buying an additional 2,492 shares in the last quarter. EdgeRock Capital LLC purchased a new stake in General Motors in the 2nd quarter valued at about $33,000. Family Firm Inc. bought a new position in General Motors in the 2nd quarter worth about $46,000. Finally, Quotient Wealth Partners LLC increased its position in shares of General Motors by 21.0% during the second quarter. Quotient Wealth Partners LLC now owns 7,366 shares of the auto manufacturer’s stock worth $342,000 after acquiring an additional 1,279 shares during the period. Institutional investors own 92.67% of the company’s stock.

General Motors Price Performance

Shares of GM opened at $48.57 on Friday. The company has a market capitalization of $55.42 billion, a P/E ratio of 5.94, a P/E/G ratio of 0.44 and a beta of 1.43. The business’s 50-day moving average is $45.91 and its two-hundred day moving average is $44.08. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.99 and a current ratio of 1.18. General Motors has a fifty-two week low of $26.30 and a fifty-two week high of $50.50.

General Motors (NYSE:GM) (TSE:GMM.U) last posted its earnings results on Tuesday, July 23rd. The auto manufacturer reported $3.06 EPS for the quarter, topping the consensus estimate of $2.67 by $0.39. General Motors had a return on equity of 15.77% and a net margin of 6.22%. The firm had revenue of $47.97 billion for the quarter, compared to analyst estimates of $45.13 billion. During the same period last year, the company earned $1.91 earnings per share. General Motors’s revenue for the quarter was up 7.2% compared to the same quarter last year. Research analysts predict that General Motors will post 9.94 earnings per share for the current year.

General Motors declared that its Board of Directors has authorized a share buyback plan on Tuesday, June 11th that authorizes the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization authorizes the auto manufacturer to repurchase up to 10.8% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

General Motors Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 19th. Investors of record on Friday, September 6th will be paid a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 0.99%. The ex-dividend date is Friday, September 6th. General Motors’s dividend payout ratio is currently 5.87%.

Insider Activity at General Motors

In other General Motors news, CFO Paul A. Jacobson purchased 25,000 shares of the business’s stock in a transaction that occurred on Friday, July 26th. The stock was purchased at an average price of $44.11 per share, for a total transaction of $1,102,750.00. Following the purchase, the chief financial officer now directly owns 261,872 shares in the company, valued at $11,551,173.92. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other General Motors news, CFO Paul A. Jacobson bought 25,000 shares of the firm’s stock in a transaction dated Friday, July 26th. The shares were purchased at an average price of $44.11 per share, for a total transaction of $1,102,750.00. Following the transaction, the chief financial officer now directly owns 261,872 shares of the company’s stock, valued at approximately $11,551,173.92. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, President Mark L. Reuss sold 150,000 shares of the business’s stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $43.44, for a total transaction of $6,516,000.00. Following the completion of the sale, the president now directly owns 176,907 shares of the company’s stock, valued at approximately $7,684,840.08. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,152,621 shares of company stock worth $51,818,111. 0.72% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on GM shares. UBS Group increased their price objective on General Motors from $61.00 to $64.00 and gave the stock a “buy” rating in a research note on Wednesday, July 10th. Royal Bank of Canada cut their price objective on shares of General Motors from $58.00 to $54.00 and set an “outperform” rating on the stock in a research report on Friday, August 9th. Nomura lowered shares of General Motors from a “neutral” rating to a “reduce” rating and set a $34.00 price target on the stock. in a report on Monday, August 5th. Wedbush reissued an “outperform” rating and issued a $55.00 price objective on shares of General Motors in a research report on Wednesday, July 24th. Finally, Bank of America restated a “buy” rating and set a $75.00 target price on shares of General Motors in a research note on Wednesday, June 12th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $55.17.

General Motors Profile

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.