Bancorpsouth Inc. Increases Stake in General Motors Company (GM)
Bancorpsouth Inc. grew its holdings in General Motors Company (NYSE:GM) (TSE:GMM.U) by 4.6% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 62,944 shares of the auto manufacturer’s stock after buying an additional 2,755 shares during the period. Bancorpsouth Inc.’s holdings in General Motors were worth $2,199,000 at the end of the most recent reporting period.
Several other large investors have also made changes to their positions in the company. Clearbridge Investments LLC raised its holdings in General Motors by 26,374.8% during the first quarter. Clearbridge Investments LLC now owns 3,970,423 shares of the auto manufacturer’s stock worth $140,394,000 after purchasing an additional 3,955,426 shares in the last quarter. Vanguard Group Inc. raised its holdings in General Motors by 4.0% during the second quarter. Vanguard Group Inc. now owns 93,414,041 shares of the auto manufacturer’s stock worth $3,262,952,000 after purchasing an additional 3,560,717 shares in the last quarter. Prudential Financial Inc. raised its holdings in General Motors by 129.2% during the first quarter. Prudential Financial Inc. now owns 6,068,335 shares of the auto manufacturer’s stock worth $214,576,000 after purchasing an additional 3,420,200 shares in the last quarter. Alliancebernstein L.P. raised its holdings in General Motors by 87.0% during the first quarter. Alliancebernstein L.P. now owns 5,174,420 shares of the auto manufacturer’s stock worth $182,967,000 after purchasing an additional 2,407,818 shares in the last quarter. Finally, State Street Corp raised its holdings in General Motors by 3.9% during the first quarter. State Street Corp now owns 60,423,820 shares of the auto manufacturer’s stock worth $2,136,563,000 after purchasing an additional 2,252,866 shares in the last quarter. 72.21% of the stock is owned by institutional investors and hedge funds.
General Motors (NYSE:GM) (TSE:GMM.U) last released its earnings results on Tuesday, July 25th. The auto manufacturer reported $1.89 EPS for the quarter, topping analysts’ consensus estimates of $1.72 by $0.17. The business had revenue of $36.98 billion for the quarter, compared to the consensus estimate of $37.67 billion. General Motors had a net margin of 5.38% and a return on equity of 22.45%. The business’s revenue for the quarter was down 1.1% on a year-over-year basis. During the same period in the previous year, the firm earned $1.86 EPS.
The company also recently announced a quarterly dividend, which was paid on Friday, September 22nd. Stockholders of record on Friday, September 8th were given a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 3.86%. The ex-dividend date of this dividend was Thursday, September 7th. General Motors’s dividend payout ratio (DPR) is currently 26.48%.
In other news, Director Jane L. Mendillo bought 1,440 shares of the company’s stock in a transaction dated Friday, August 18th. The shares were acquired at an average cost of $34.86 per share, with a total value of $50,198.40. Following the completion of the transaction, the director now directly owns 4,560 shares in the company, valued at approximately $158,961.60. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Alan S. Batey sold 234,274 shares of General Motors stock in a transaction that occurred on Wednesday, September 13th. The stock was sold at an average price of $38.04, for a total transaction of $8,911,782.96. Following the completion of the transaction, the insider now directly owns 67,548 shares in the company, valued at $2,569,525.92. The disclosure for this sale can be found here. Over the last three months, insiders sold 614,947 shares of company stock worth $22,402,528. 0.04% of the stock is currently owned by insiders.
Several research firms recently issued reports on GM. Deutsche Bank AG raised shares of General Motors from a “hold” rating to a “buy” rating and increased their price target for the stock from $39.42 to $51.00 in a report on Monday. Morgan Stanley reissued an “overweight” rating and set a $43.00 price target (up from $40.00) on shares of General Motors in a report on Thursday. Standpoint Research cut shares of General Motors from a “buy” rating to a “hold” rating in a report on Thursday, September 14th. Piper Jaffray Companies reissued a “buy” rating and set a $44.00 price target on shares of General Motors in a report on Tuesday, September 12th. Finally, Buckingham Research reissued a “neutral” rating and set a $33.00 price target on shares of General Motors in a report on Friday, September 8th. Two investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating, eleven have issued a buy rating and three have issued a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $39.16.
About General Motors
General Motors Company designs, builds and sells cars, trucks, crossovers and automobile parts. The Company’s segments include GM North America (GMNA), GM Europe (GME), GM International Operations (GMIO), GM South America (GMSA) and General Motors Financial Company, Inc (GM Financial). The Company provides automotive financing services through General Motors Financial Company, Inc The Company develops, manufactures and/or markets vehicles in North America under the brands, including Buick, Cadillac, Chevrolet and GMC.
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