Pinnacle Financial Partners Inc Decreases Holdings in General Motors (NYSE:GM)

Pinnacle Financial Partners Inc trimmed its stake in General Motors (NYSE:GM) (TSE:GMM.U) by 90.4% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 9,337 shares of the auto manufacturer’s stock after selling 87,602 shares during the quarter. Pinnacle Financial Partners Inc’s holdings in General Motors were worth $419,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of GM. Victory Capital Management Inc. grew its holdings in General Motors by 21.3% during the third quarter. Victory Capital Management Inc. now owns 1,152,514 shares of the auto manufacturer’s stock valued at $51,679,000 after purchasing an additional 202,194 shares during the period. Aptus Capital Advisors LLC grew its stake in shares of General Motors by 5.3% during the 3rd quarter. Aptus Capital Advisors LLC now owns 12,069 shares of the auto manufacturer’s stock worth $541,000 after acquiring an additional 604 shares during the period. Aigen Investment Management LP grew its stake in shares of General Motors by 145.3% during the 3rd quarter. Aigen Investment Management LP now owns 40,332 shares of the auto manufacturer’s stock worth $1,808,000 after acquiring an additional 23,889 shares during the period. GSA Capital Partners LLP raised its stake in General Motors by 119.0% in the 3rd quarter. GSA Capital Partners LLP now owns 60,273 shares of the auto manufacturer’s stock valued at $2,703,000 after acquiring an additional 32,745 shares during the period. Finally, Versor Investments LP purchased a new stake in General Motors during the third quarter valued at about $1,551,000. 92.67% of the stock is owned by institutional investors.

General Motors Trading Down 0.1 %

NYSE GM opened at $57.63 on Friday. The company has a quick ratio of 1.03, a current ratio of 1.21 and a debt-to-equity ratio of 1.24. The stock’s 50-day simple moving average is $49.33 and its two-hundred day simple moving average is $47.13. General Motors has a twelve month low of $27.42 and a twelve month high of $59.39. The company has a market capitalization of $63.37 billion, a price-to-earnings ratio of 6.14, a PEG ratio of 0.43 and a beta of 1.40.

General Motors (NYSE:GM) (TSE:GMM.U) last announced its quarterly earnings data on Tuesday, October 22nd. The auto manufacturer reported $2.96 earnings per share for the quarter, beating analysts’ consensus estimates of $2.49 by $0.47. The company had revenue of $48.76 billion for the quarter, compared to analysts’ expectations of $44.67 billion. General Motors had a return on equity of 16.30% and a net margin of 6.06%. General Motors’s revenue for the quarter was up 10.5% compared to the same quarter last year. During the same period last year, the firm posted $2.28 EPS. Research analysts forecast that General Motors will post 10.35 EPS for the current fiscal year.

General Motors Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 19th. Stockholders of record on Friday, December 6th will be paid a $0.12 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.83%. General Motors’s dividend payout ratio (DPR) is 5.12%.

Insider Activity at General Motors

In related news, EVP Rory Harvey sold 12,795 shares of the stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $49.02, for a total transaction of $627,210.90. Following the completion of the sale, the executive vice president now directly owns 8,513 shares in the company, valued at $417,307.26. This represents a 60.05 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, President Mark L. Reuss sold 122,283 shares of General Motors stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $55.16, for a total value of $6,745,130.28. Following the completion of the transaction, the president now directly owns 126,907 shares in the company, valued at $7,000,190.12. This trade represents a 49.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 653,511 shares of company stock valued at $35,012,844. Insiders own 0.72% of the company’s stock.

Wall Street Analyst Weigh In

GM has been the subject of several recent research reports. Barclays lifted their target price on shares of General Motors from $64.00 to $70.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 23rd. Wedbush boosted their target price on shares of General Motors from $55.00 to $60.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $53.00 target price on shares of General Motors in a research report on Tuesday, September 10th. JPMorgan Chase & Co. lifted their price target on General Motors from $64.00 to $70.00 and gave the company an “overweight” rating in a research report on Wednesday, October 23rd. Finally, Nomura Securities upgraded General Motors to a “strong sell” rating in a research note on Monday, August 5th. Four equities research analysts have rated the stock with a sell rating, seven have given a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $56.92.

General Motors Company 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.