Fifth Third Bancorp Reduces Stock Holdings in General Motors (NYSE:GM)

Fifth Third Bancorp reduced its position in General Motors (NYSE:GM) (TSE:GMM.U) by 0.7% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 51,198 shares of the auto manufacturer’s stock after selling 375 shares during the quarter. Fifth Third Bancorp’s holdings in General Motors were worth $2,727,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently made changes to their positions in the company. Strategic Investment Solutions Inc. IL purchased a new stake in General Motors in the 2nd quarter worth about $25,000. Catalyst Capital Advisors LLC purchased a new position in shares of General Motors in the third quarter worth about $27,000. Truvestments Capital LLC bought a new stake in shares of General Motors in the third quarter valued at approximately $27,000. Sugar Maple Asset Management LLC purchased a new stake in shares of General Motors during the 4th quarter valued at approximately $31,000. Finally, Eastern Bank bought a new position in General Motors in the 3rd quarter worth approximately $34,000. 92.67% of the stock is currently owned by institutional investors.

Insider Activity

In related news, EVP Craig B. Glidden sold 383,142 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $56.63, for a total transaction of $21,697,331.46. Following the transaction, the executive vice president now directly owns 122,465 shares in the company, valued at $6,935,192.95. This trade represents a 75.78 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Rory Harvey sold 8,919 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $60.01, for a total value of $535,229.19. Following the completion of the sale, the executive vice president now owns 8,513 shares of the company’s stock, valued at $510,865.13. The trade was a 51.16 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 514,344 shares of company stock valued at $28,977,691. 0.72% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on GM shares. Royal Bank of Canada increased their target price on General Motors from $58.00 to $65.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. Morgan Stanley raised General Motors from an “underweight” rating to an “equal weight” rating and increased their price objective for the stock from $46.00 to $54.00 in a report on Tuesday, December 10th. The Goldman Sachs Group upped their price target on General Motors from $53.00 to $61.00 and gave the company a “buy” rating in a research report on Tuesday, October 1st. HSBC lowered shares of General Motors from a “buy” rating to a “hold” rating and set a $58.00 price objective for the company. in a research report on Wednesday, December 11th. Finally, Hsbc Global Res cut shares of General Motors from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 11th. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, General Motors has an average rating of “Hold” and a consensus target price of $61.17.

General Motors Trading Up 2.0 %

Shares of GM opened at $54.99 on Tuesday. General Motors has a fifty-two week low of $34.93 and a fifty-two week high of $61.24. The firm has a market cap of $60.47 billion, a price-to-earnings ratio of 5.86, a PEG ratio of 0.38 and a beta of 1.42. The firm has a 50 day moving average price of $53.17 and a 200-day moving average price of $49.90. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.03 and a current ratio of 1.21.

General Motors Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 20th. Shareholders of record on Friday, March 7th will be given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 0.87%. General Motors’s payout ratio is 5.12%.

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.