GM Pulls Back from FDIC Bid Despite Approval

GM Pulls Back From FDIC Bid Despite Approval

General Motors’ wholly owned subsidiary, GM Financial, withdrew its application for deposit insurance with the Federal Deposit Insurance Corporation (FDIC), a move that has echoed through the auto and banking sectors.

 

GM Financial Withdraws FDIC Application: 

After a three-year pursuit, ultimately resulting in the approval by the Utah Department of Financial Institutions, GM decided to pull back from the FDIC application process. Despite the potential benefits for future expansion, General Motors (GM) has remained largely silent about the specific reasons behind this decision. However, the company plans to refile the application with the FDIC in the future, pointing to a long-term goal to expand its auto-finance operations by re-entering the banking sector.

 

Stock Target Advisor’s Analysis on GM Motors: 

Stock Target Advisor gives GM’s stock as Sell ratings. The resulting target price stands at $57, reflecting a projected price change of 18.48% over the next twelve months. It is crucial to note that this analysis places the stock in slightly bearish territory based on 5 positive signals and 8 negative signals.

GM’s stock, as of its last closing price, stood at $48.11, illustrating a price change of +0.71% over the past week, +4.00% over the past month, and a substantial +31.09% over the last year.

Among a total of fifteen analysts covering GM’s stock, the average rating is a “Strong Buy”. The average analyst target price is $56.77, with a maximum target price of $96, and a minimum target price of $28.

 

Conclusion: 

The news will likely be closely watched by industry observers interested in the future of auto financing and the potential for new players to enter the FDIC-insured banking landscape.

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