Truist Financial Corp Sells 25,288 Shares of General Motors (NYSE:GM)

Truist Financial Corp lowered its holdings in General Motors (NYSE:GM) (TSE:GMM.U) by 10.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 224,795 shares of the auto manufacturer’s stock after selling 25,288 shares during the period. Truist Financial Corp’s holdings in General Motors were worth $10,444,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Capital World Investors grew its holdings in General Motors by 14.6% during the 1st quarter. Capital World Investors now owns 48,767,573 shares of the auto manufacturer’s stock valued at $2,211,609,000 after buying an additional 6,201,777 shares in the last quarter. Putnam Investments LLC lifted its stake in General Motors by 16.8% in the 4th quarter. Putnam Investments LLC now owns 20,237,820 shares of the auto manufacturer’s stock worth $726,942,000 after purchasing an additional 2,905,689 shares in the last quarter. Hotchkis & Wiley Capital Management LLC boosted its holdings in General Motors by 21.9% in the 4th quarter. Hotchkis & Wiley Capital Management LLC now owns 18,097,486 shares of the auto manufacturer’s stock valued at $650,062,000 after purchasing an additional 3,247,050 shares during the period. Bank of New York Mellon Corp grew its position in shares of General Motors by 1.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 12,951,561 shares of the auto manufacturer’s stock valued at $601,730,000 after purchasing an additional 135,717 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in shares of General Motors by 9.2% in the second quarter. Dimensional Fund Advisors LP now owns 12,922,021 shares of the auto manufacturer’s stock worth $600,291,000 after purchasing an additional 1,091,137 shares during the period. 92.67% of the stock is owned by institutional investors.

Analyst Ratings Changes

GM has been the subject of a number of research reports. Morgan Stanley cut shares of General Motors from an “equal weight” rating to an “underweight” rating and cut their price target for the stock from $47.00 to $42.00 in a research note on Wednesday, September 25th. Wolfe Research assumed coverage on shares of General Motors in a research report on Thursday, September 5th. They issued a “peer perform” rating for the company. Nomura Securities upgraded General Motors to a “strong sell” rating in a research report on Monday, August 5th. StockNews.com lowered General Motors from a “buy” rating to a “hold” rating in a research report on Wednesday, July 24th. Finally, JPMorgan Chase & Co. boosted their target price on General Motors from $60.00 to $61.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 24th. Four equities research analysts have rated the stock with a sell rating, six have issued a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $55.47.

Insider Buying and Selling

In other news, CFO Paul A. Jacobson acquired 25,000 shares of General Motors stock in a transaction that occurred on Friday, July 26th. The stock was bought at an average price of $44.11 per share, for a total transaction of $1,102,750.00. Following the completion of the transaction, the chief financial officer now owns 261,872 shares in the company, valued at $11,551,173.92. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, EVP Rory Harvey sold 2,302 shares of the company’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $47.31, for a total value of $108,907.62. Following the completion of the sale, the executive vice president now directly owns 10,356 shares in the company, valued at $489,942.36. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Paul A. Jacobson bought 25,000 shares of the stock in a transaction that occurred on Friday, July 26th. The shares were bought at an average price of $44.11 per share, for a total transaction of $1,102,750.00. Following the completion of the transaction, the chief financial officer now directly owns 261,872 shares of the company’s stock, valued at $11,551,173.92. This represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. 0.72% of the stock is currently owned by corporate insiders.

General Motors Trading Up 1.6 %

General Motors stock opened at $45.68 on Friday. The company has a market capitalization of $52.12 billion, a price-to-earnings ratio of 5.58, a price-to-earnings-growth ratio of 0.56 and a beta of 1.42. The business’s fifty day simple moving average is $45.91 and its two-hundred day simple moving average is $45.67. General Motors has a 12 month low of $26.30 and a 12 month high of $50.50. The company has a current ratio of 1.18, a quick ratio of 0.99 and a debt-to-equity ratio of 1.23.

General Motors (NYSE:GM) (TSE:GMM.U) last announced its quarterly earnings results on Tuesday, July 23rd. The auto manufacturer reported $3.06 earnings per share for the quarter, beating the consensus estimate of $2.67 by $0.39. General Motors had a net margin of 6.22% and a return on equity of 15.77%. The company had revenue of $47.97 billion during the quarter, compared to the consensus estimate of $45.13 billion. During the same quarter last year, the firm earned $1.91 earnings per share. The firm’s quarterly revenue was up 7.2% compared to the same quarter last year. As a group, equities analysts predict that General Motors will post 9.95 earnings per share for the current fiscal year.

General Motors Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 19th. Investors of record on Friday, September 6th were given a dividend of $0.12 per share. The ex-dividend date was Friday, September 6th. This represents a $0.48 dividend on an annualized basis and a yield of 1.05%. General Motors’s dividend payout ratio (DPR) is 5.87%.

General Motors announced that its board has initiated a stock repurchase program on Tuesday, June 11th that allows the company to buyback $6.00 billion in shares. This buyback authorization allows the auto manufacturer to reacquire up to 10.8% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is 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.