1ST Source Bank Sells 33,383 Shares of General Electric Company (GE)
1ST Source Bank cut its stake in General Electric Company (NYSE:GE) by 10.6% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 280,158 shares of the conglomerate’s stock after selling 33,383 shares during the period. General Electric comprises approximately 0.7% of 1ST Source Bank’s holdings, making the stock its 24th largest holding. 1ST Source Bank’s holdings in General Electric were worth $7,567,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently modified their holdings of the company. First Command Financial Services Inc. increased its holdings in General Electric by 0.4% during the 1st quarter. First Command Financial Services Inc. now owns 53,305 shares of the conglomerate’s stock valued at $1,588,000 after purchasing an additional 229 shares in the last quarter. Visionary Asset Management Inc. increased its holdings in General Electric by 2.7% during the 1st quarter. Visionary Asset Management Inc. now owns 108,235 shares of the conglomerate’s stock valued at $3,225,000 after purchasing an additional 2,873 shares in the last quarter. Hays Advisory LLC increased its holdings in General Electric by 12.2% during the 1st quarter. Hays Advisory LLC now owns 7,461 shares of the conglomerate’s stock valued at $222,000 after purchasing an additional 810 shares in the last quarter. Parametrica Management Ltd acquired a new stake in General Electric during the 1st quarter valued at $214,000. Finally, Winslow Evans & Crocker Inc. increased its holdings in General Electric by 0.4% during the 1st quarter. Winslow Evans & Crocker Inc. now owns 96,678 shares of the conglomerate’s stock valued at $2,881,000 after purchasing an additional 364 shares in the last quarter. 54.69% of the stock is owned by institutional investors and hedge funds.
General Electric Company (GE) opened at 23.05 on Friday. General Electric Company has a 52-week low of $22.83 and a 52-week high of $32.38. The company has a market capitalization of $199.57 billion, a price-to-earnings ratio of 28.08 and a beta of 1.19. The stock has a 50 day moving average price of $24.29 and a 200 day moving average price of $26.82.
General Electric (NYSE:GE) last issued its quarterly earnings results on Friday, July 21st. The conglomerate reported $0.28 EPS for the quarter, beating the Zacks’ consensus estimate of $0.25 by $0.03. The business had revenue of $29.56 billion for the quarter, compared to analysts’ expectations of $29.07 billion. General Electric had a net margin of 6.45% and a return on equity of 14.59%. The business’s quarterly revenue was down 11.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.51 earnings per share. Analysts anticipate that General Electric Company will post $1.53 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 25th. Shareholders of record on Monday, September 18th will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, September 15th. This represents a $0.96 dividend on an annualized basis and a yield of 4.16%. General Electric’s dividend payout ratio (DPR) is currently 118.52%.
In other news, Vice Chairman Elizabeth J. Comstock sold 24,693 shares of the stock in a transaction dated Wednesday, August 9th. The shares were sold at an average price of $25.65, for a total transaction of $633,375.45. Following the transaction, the insider now owns 175,717 shares of the company’s stock, valued at approximately $4,507,141.05. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Alexander Dimitrief acquired 1,845 shares of the business’s stock in a transaction dated Monday, July 24th. The shares were bought at an average cost of $25.54 per share, for a total transaction of $47,121.30. Following the transaction, the insider now directly owns 65,597 shares in the company, valued at $1,675,347.38. The disclosure for this purchase can be found here. Insiders have acquired 233,253 shares of company stock worth $5,860,264 in the last ninety days. Insiders own 0.36% of the company’s stock.
A number of equities research analysts recently weighed in on the company. Vetr raised General Electric from a “strong sell” rating to a “sell” rating and set a $21.63 price target for the company in a report on Monday, October 2nd. Cowen and Company reaffirmed a “hold” rating and set a $24.00 price target on shares of General Electric in a report on Monday, August 7th. J P Morgan Chase & Co reaffirmed an “underweight” rating and set a $20.00 price target (down from $22.00) on shares of General Electric in a report on Monday. Stifel Nicolaus reaffirmed a “buy” rating and set a $26.00 price target on shares of General Electric in a report on Thursday. Finally, Credit Suisse Group reaffirmed an “outperform” rating and set a $30.00 price target (down from $33.00) on shares of General Electric in a report on Thursday, October 5th. Four research analysts have rated the stock with a sell rating, eight have issued a hold rating and ten have given a buy rating to the company. General Electric presently has an average rating of “Hold” and a consensus target price of $28.16.
About General Electric
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