General Electric (GE) Stake Increased by FTB Advisors Inc.
FTB Advisors Inc. grew its stake in General Electric (NYSE:GE) by 23.1% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 139,377 shares of the conglomerate’s stock after acquiring an additional 26,178 shares during the quarter. FTB Advisors Inc.’s holdings in General Electric were worth $1,896,000 at the end of the most recent quarter.
Several other hedge funds also recently made changes to their positions in GE. Buckley Wealth Management LLC increased its stake in General Electric by 1.3% during the 1st quarter. Buckley Wealth Management LLC now owns 272,144 shares of the conglomerate’s stock worth $3,669,000 after purchasing an additional 3,575 shares in the last quarter. Pinnacle Wealth Management Advisory Group LLC increased its stake in General Electric by 28.1% during the 1st quarter. Pinnacle Wealth Management Advisory Group LLC now owns 16,411 shares of the conglomerate’s stock worth $221,000 after purchasing an additional 3,600 shares in the last quarter. Legacy Advisors LLC increased its stake in General Electric by 16.3% during the 2nd quarter. Legacy Advisors LLC now owns 26,145 shares of the conglomerate’s stock worth $356,000 after purchasing an additional 3,669 shares in the last quarter. Home Federal Bank of Tennessee increased its stake in General Electric by 7.4% during the 2nd quarter. Home Federal Bank of Tennessee now owns 53,210 shares of the conglomerate’s stock worth $725,000 after purchasing an additional 3,675 shares in the last quarter. Finally, Advisors Capital Management LLC boosted its position in General Electric by 7.6% during the 1st quarter. Advisors Capital Management LLC now owns 52,750 shares of the conglomerate’s stock worth $711,000 after acquiring an additional 3,714 shares during the last quarter. 53.79% of the stock is owned by institutional investors.
A number of research firms have weighed in on GE. Zacks Investment Research downgraded General Electric from a “hold” rating to a “strong sell” rating in a research report on Friday, June 22nd. JPMorgan Chase & Co. set a $11.00 price target on General Electric and gave the stock a “sell” rating in a research report on Wednesday, June 27th. Goldman Sachs Group reaffirmed a “neutral” rating and set a $14.00 price target on shares of General Electric in a research report on Wednesday, June 27th. Oppenheimer reaffirmed a “neutral” rating on shares of General Electric in a research report on Tuesday, October 2nd. Finally, Royal Bank of Canada set a $15.00 price target on General Electric and gave the stock a “neutral” rating in a research report on Wednesday, July 11th. Six analysts have rated the stock with a sell rating, fourteen have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. General Electric currently has a consensus rating of “Hold” and an average target price of $16.26.
General Electric (NYSE:GE) last released its quarterly earnings data on Friday, July 20th. The conglomerate reported $0.19 EPS for the quarter, beating the consensus estimate of $0.18 by $0.01. The company had revenue of $30.10 billion during the quarter, compared to the consensus estimate of $29.39 billion. General Electric had a positive return on equity of 10.40% and a negative net margin of 6.59%. The firm’s revenue for the quarter was up 3.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.21 EPS. On average, sell-side analysts forecast that General Electric will post 0.93 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 25th. Stockholders of record on Monday, September 17th will be issued a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 3.82%. The ex-dividend date of this dividend is Friday, September 14th. General Electric’s payout ratio is presently 45.71%.
In related news, Director H Lawrence Culp, Jr. acquired 191,000 shares of the business’s stock in a transaction dated Tuesday, July 24th. The stock was bought at an average price of $13.04 per share, with a total value of $2,490,640.00. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 1.12% of the company’s stock.
General Electric Profile
General Electric Company operates as a digital industrial company worldwide. It operates through Power, Renewable Energy, Oil & Gas, Aviation, Healthcare, Transportation, Lighting, and Capital segments. The Power segment offers technologies, solutions, and services related to energy production, including gas and steam turbines, engines, generators, and high voltage equipment; and power generation services and digital solutions.
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