Bank of The West Grows Holdings in General Electric Company (GE)
Bank of The West grew its holdings in shares of General Electric Company (NYSE:GE) by 11.5% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 393,760 shares of the conglomerate’s stock after buying an additional 40,505 shares during the quarter. General Electric accounts for 1.4% of Bank of The West’s portfolio, making the stock its 11th largest position. Bank of The West’s holdings in General Electric were worth $10,636,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Stokes & Hubbell Capital Management LLC lifted its stake in shares of General Electric by 12.3% during the second quarter. Stokes & Hubbell Capital Management LLC now owns 122,517 shares of the conglomerate’s stock worth $3,309,000 after purchasing an additional 13,426 shares in the last quarter. Northwest Investment Counselors LLC acquired a new stake in shares of General Electric in the second quarter valued at about $252,000. Pennsylvania Trust Co grew its stake in shares of General Electric by 5.1% in the second quarter. Pennsylvania Trust Co now owns 1,195,164 shares of the conglomerate’s stock valued at $32,281,000 after buying an additional 58,206 shares in the last quarter. Narwhal Capital Management grew its stake in shares of General Electric by 11.1% in the second quarter. Narwhal Capital Management now owns 266,242 shares of the conglomerate’s stock valued at $7,191,000 after buying an additional 26,632 shares in the last quarter. Finally, Banced Corp grew its stake in shares of General Electric by 8.3% in the second quarter. Banced Corp now owns 37,975 shares of the conglomerate’s stock valued at $1,026,000 after buying an additional 2,920 shares in the last quarter. Institutional investors own 54.71% of the company’s stock.
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Shares of General Electric Company (NYSE:GE) traded up 1.5161% during trading on Monday, reaching $24.5466. 17,552,086 shares of the company’s stock were exchanged. General Electric Company has a 52-week low of $23.58 and a 52-week high of $32.38. The company has a market capitalization of $212.52 billion, a PE ratio of 29.8984 and a beta of 1.19. The company has a 50 day moving average price of $24.74 and a 200-day moving average price of $27.46.
General Electric (NYSE:GE) last released its quarterly earnings data on Friday, July 21st. The conglomerate reported $0.28 earnings per share for the quarter, beating analysts’ consensus estimates of $0.25 by $0.03. The company had revenue of $29.56 billion for the quarter, compared to the consensus estimate of $29.07 billion. General Electric had a return on equity of 14.59% and a net margin of 6.45%. The company’s quarterly revenue was down 11.8% on a year-over-year basis. During the same period in the previous year, the business earned $0.51 earnings per share. On average, equities analysts forecast that General Electric Company will post $1.56 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 25th. Stockholders of record on Monday, September 18th will be issued a $0.24 dividend. The ex-dividend date of this dividend is Friday, September 15th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.97%. General Electric’s payout ratio is presently 118.52%.
A number of research firms have weighed in on GE. Vetr cut General Electric from a “strong-buy” rating to a “buy” rating and set a $30.48 price target for the company. in a report on Tuesday, July 4th. Morgan Stanley reiterated an “equal weight” rating and set a $26.00 price objective (down previously from $27.00) on shares of General Electric in a research note on Monday, July 24th. BidaskClub lowered shares of General Electric from a “sell” rating to a “strong sell” rating in a research note on Wednesday, June 28th. Deutsche Bank AG reissued a “sell” rating and set a $24.00 target price on shares of General Electric in a research report on Thursday, June 8th. Finally, J P Morgan Chase & Co set a $22.00 target price on shares of General Electric and gave the stock a “sell” rating in a research report on Monday, July 24th. Five equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and ten have given a buy rating to the stock. General Electric has an average rating of “Hold” and an average target price of $28.57.
In related news, CEO John Leonard Flannery purchased 103,983 shares of the firm’s stock in a transaction that occurred on Tuesday, August 8th. The shares were acquired at an average price of $25.56 per share, with a total value of $2,657,805.48. Following the purchase, the chief executive officer now directly owns 509,430 shares in the company, valued at $13,021,030.80. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director James S. Tisch purchased 100,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 22nd. The stock was bought at an average cost of $24.56 per share, for a total transaction of $2,456,000.00. The disclosure for this purchase can be found here. Over the last three months, insiders bought 233,253 shares of company stock valued at $5,860,264. 0.36% of the stock is currently owned by insiders.
General Electric Company Profile
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