Comerica Bank Sells 18,311 Shares of General Motors (NYSE:GM)

Comerica Bank trimmed its position in shares of General Motors (NYSE:GM) (TSE:GMM.U) by 6.2% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 277,868 shares of the auto manufacturer’s stock after selling 18,311 shares during the period. Comerica Bank’s holdings in General Motors were worth $12,601,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the stock. Unison Advisors LLC lifted its position in shares of General Motors by 0.4% in the 1st quarter. Unison Advisors LLC now owns 67,196 shares of the auto manufacturer’s stock worth $3,047,000 after purchasing an additional 246 shares during the period. Janiczek Wealth Management LLC lifted its position in shares of General Motors by 5.2% in the 1st quarter. Janiczek Wealth Management LLC now owns 5,063 shares of the auto manufacturer’s stock worth $230,000 after purchasing an additional 248 shares during the period. SkyOak Wealth LLC lifted its position in General Motors by 3.0% during the first quarter. SkyOak Wealth LLC now owns 8,727 shares of the auto manufacturer’s stock valued at $396,000 after acquiring an additional 252 shares during the last quarter. Bell Investment Advisors Inc lifted its position in General Motors by 39.7% during the first quarter. Bell Investment Advisors Inc now owns 897 shares of the auto manufacturer’s stock valued at $41,000 after acquiring an additional 255 shares during the last quarter. Finally, Turtle Creek Wealth Advisors LLC lifted its position in General Motors by 2.2% during the first quarter. Turtle Creek Wealth Advisors LLC now owns 12,013 shares of the auto manufacturer’s stock valued at $545,000 after acquiring an additional 258 shares during the last quarter. 92.67% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. Piper Sandler increased their price objective on General Motors from $44.00 to $45.00 and gave the company a “neutral” rating in a report on Wednesday, April 24th. Mizuho boosted their price objective on General Motors from $48.00 to $52.00 and gave the company a “buy” rating in a report on Wednesday, April 24th. Royal Bank of Canada boosted their price objective on General Motors from $54.00 to $56.00 and gave the company an “overweight” rating in a report on Tuesday, April 23rd. Sanford C. Bernstein started coverage on General Motors in a report on Thursday, April 25th. They issued an “outperform” rating and a $55.00 price objective for the company. Finally, Deutsche Bank Aktiengesellschaft boosted their price objective on General Motors from $44.00 to $50.00 and gave the company a “hold” rating in a report on Tuesday, April 23rd. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, General Motors currently has a consensus rating of “Moderate Buy” and a consensus price target of $56.38.

General Motors Stock Down 2.6 %

NYSE:GM traded down $1.14 during trading hours on Thursday, hitting $43.18. The company’s stock had a trading volume of 7,073,644 shares, compared to its average volume of 15,897,292. The stock has a market capitalization of $48.53 billion, a P/E ratio of 5.42, a price-to-earnings-growth ratio of 0.45 and a beta of 1.43. The stock has a fifty day moving average of $46.47 and a 200-day moving average of $43.19. 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 has a 52-week low of $26.30 and a 52-week high of $50.50.

General Motors (NYSE:GM) (TSE:GMM.U) last issued its quarterly earnings data on Tuesday, July 23rd. The auto manufacturer reported $3.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.67 by $0.39. The company had revenue of $47.97 billion for the quarter, compared to analyst estimates of $45.13 billion. General Motors had a return on equity of 15.77% and a net margin of 6.22%. The business’s quarterly revenue was up 7.2% compared to the same quarter last year. During the same quarter last year, the company posted $1.91 earnings per share. On average, equities analysts forecast that General Motors will post 9.91 earnings per share for the current year.

General Motors Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 19th. Stockholders of record on Friday, September 6th will be paid a dividend of $0.12 per share. The ex-dividend date of this dividend is Friday, September 6th. This represents a $0.48 annualized dividend and a dividend yield of 1.11%. General Motors’s dividend payout ratio (DPR) is 5.87%.

General Motors announced that its board has approved a stock buyback program on Tuesday, June 11th that permits the company to repurchase $6.00 billion in shares. This repurchase authorization permits the auto manufacturer to repurchase up to 10.8% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.

Insider Transactions at General Motors

In related news, President Mark L. Reuss sold 150,000 shares of the firm’s stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $43.44, for a total value of $6,516,000.00. Following the completion of the sale, the president now owns 176,907 shares in the company, valued at $7,684,840.08. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, President Mark L. Reuss sold 14,858 shares of the firm’s stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of $46.01, for a total transaction of $683,616.58. Following the completion of the transaction, the president now directly owns 162,049 shares of the company’s stock, valued at approximately $7,455,874.49. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, President Mark L. Reuss sold 150,000 shares of the firm’s stock in a transaction that occurred 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 transaction, the president now directly owns 176,907 shares of the company’s stock, valued at $7,684,840.08. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,152,621 shares of company stock worth $51,818,111. Company insiders own 0.72% of the company’s stock.

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.