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

Synovus Financial Corp lowered its position in shares of General Motors (NYSE:GM - Free Report) TSE: GMM.U by 49.2% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 23,246 shares of the auto manufacturer's stock after selling 22,557 shares during the period. Synovus Financial Corp's holdings in General Motors were worth $1,238,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in GM. Norges Bank acquired a new stake in General Motors in the 4th quarter worth approximately $592,321,000. Amundi lifted its holdings in shares of General Motors by 75.5% during the 4th quarter. Amundi now owns 4,914,256 shares of the auto manufacturer's stock worth $250,627,000 after acquiring an additional 2,113,973 shares during the period. ACR Alpine Capital Research LLC boosted its holdings in General Motors by 39.8% in the fourth quarter. ACR Alpine Capital Research LLC now owns 7,397,404 shares of the auto manufacturer's stock valued at $394,060,000 after acquiring an additional 2,104,528 shares during the last quarter. Raymond James Financial Inc. bought a new stake in shares of General Motors during the fourth quarter worth about $108,366,000. Finally, National Bank of Canada FI grew its stake in shares of General Motors by 54.4% during the 4th quarter. National Bank of Canada FI now owns 3,352,523 shares of the auto manufacturer's stock worth $178,593,000 after acquiring an additional 1,180,936 shares during the period. Institutional investors and hedge funds own 92.67% of the company's stock.

General Motors Stock Performance

Shares of GM traded down $0.57 on Monday, reaching $44.00. The company's stock had a trading volume of 976,592 shares, compared to its average volume of 14,100,532. The stock's 50 day simple moving average is $47.10 and its two-hundred day simple moving average is $50.37. The stock has a market capitalization of $43.78 billion, a P/E ratio of 7.15, a PEG ratio of 0.67 and a beta of 1.27. General Motors has a 12-month low of $38.96 and a 12-month high of $61.24. The company has a debt-to-equity ratio of 1.38, a current ratio of 1.13 and a quick ratio of 0.98.

General Motors (NYSE:GM - Get Free Report) TSE: GMM.U last issued its quarterly earnings results on Tuesday, January 28th. The auto manufacturer reported $1.92 earnings per share for the quarter, beating analysts' consensus estimates of $1.75 by $0.17. General Motors had a net margin of 3.21% and a return on equity of 15.29%. Research analysts forecast that General Motors will post 11.44 earnings per share for the current fiscal year.

General Motors Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 20th. Stockholders of record on Friday, March 7th were given a $0.12 dividend. The ex-dividend date was Friday, March 7th. This represents a $0.48 annualized dividend and a dividend yield of 1.09%. General Motors's dividend payout ratio is presently 7.80%.

General Motors announced that its Board of Directors has initiated a stock buyback plan on Wednesday, February 26th that permits the company to repurchase $6.00 billion in shares. This repurchase authorization permits the auto manufacturer to purchase up to 12.5% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's board believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on GM. Cowen started coverage on shares of General Motors in a research note on Thursday, March 6th. They issued a "buy" rating on the stock. Barclays cut General Motors from an "overweight" rating to a "negative" rating in a report on Tuesday, April 15th. TD Cowen assumed coverage on General Motors in a research report on Friday, March 7th. They set a "buy" rating and a $105.00 target price on the stock. UBS Group reiterated a "neutral" rating and issued a $51.00 price target (down from $64.00) on shares of General Motors in a report on Thursday, April 10th. Finally, Wells Fargo & Company reaffirmed an "underweight" rating on shares of General Motors in a research report on Monday, February 3rd. Five analysts have rated the stock with a sell rating, nine have issued a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, General Motors currently has a consensus rating of "Hold" and an average target price of $56.72.

Insiders Place Their Bets

In related news, Director Alfred F. Kelly, Jr. purchased 12,000 shares of the company's stock in a transaction that occurred on Thursday, January 30th. The shares were purchased at an average price of $50.66 per share, with a total value of $607,920.00. Following the purchase, the director now owns 13,714 shares of the company's stock, valued at $694,751.24. This trade represents a 700.12 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. 0.72% of the stock is currently owned by insiders.

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.