Farmers National Bank Sells 13,539 Shares of General Electric Company (GE)
Farmers National Bank cut its position in shares of General Electric Company (NYSE:GE) by 7.8% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 160,872 shares of the conglomerate’s stock after selling 13,539 shares during the period. General Electric comprises 2.6% of Farmers National Bank’s portfolio, making the stock its 8th biggest position. Farmers National Bank owned 0.24% of General Electric worth $4,345,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Warren Averett Asset Management LLC raised its position in shares of General Electric by 7.0% in the 2nd quarter. Warren Averett Asset Management LLC now owns 103,854 shares of the conglomerate’s stock worth $2,805,000 after acquiring an additional 6,799 shares in the last quarter. Sabal Trust CO raised its position in shares of General Electric by 5.4% in the 2nd quarter. Sabal Trust CO now owns 1,080,995 shares of the conglomerate’s stock worth $29,198,000 after acquiring an additional 55,049 shares in the last quarter. Rockland Trust Co. raised its position in shares of General Electric by 8.6% in the 2nd quarter. Rockland Trust Co. now owns 205,544 shares of the conglomerate’s stock worth $5,552,000 after acquiring an additional 16,309 shares in the last quarter. Stoneridge Investment Partners LLC raised its position in shares of General Electric by 23.4% in the 2nd quarter. Stoneridge Investment Partners LLC now owns 325,787 shares of the conglomerate’s stock worth $8,800,000 after acquiring an additional 61,746 shares in the last quarter. Finally, Rothschild Investment Corp IL raised its position in shares of General Electric by 2.4% in the 2nd quarter. Rothschild Investment Corp IL now owns 465,351 shares of the conglomerate’s stock worth $12,569,000 after acquiring an additional 10,906 shares in the last quarter. 55.74% of the stock is owned by institutional investors and hedge funds.
In other news, Director Steven M. Mollenkopf purchased 5,500 shares of the company’s stock in a transaction on Thursday, November 16th. The shares were acquired at an average price of $18.24 per share, for a total transaction of $100,320.00. Following the purchase, the director now owns 5,500 shares in the company, valued at $100,320. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, Chairman John Leonard Flannery purchased 60,000 shares of the company’s stock in a transaction on Wednesday, November 15th. The shares were purchased at an average price of $18.27 per share, for a total transaction of $1,096,200.00. Following the purchase, the chairman now owns 575,477 shares in the company, valued at approximately $10,513,964.79. The disclosure for this purchase can be found here. In the last quarter, insiders have acquired 120,500 shares of company stock worth $2,183,220. Company insiders own 0.36% of the company’s stock.
General Electric (NYSE:GE) last posted its quarterly earnings results on Friday, October 20th. The conglomerate reported $0.29 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.49 by ($0.20). The firm had revenue of $33.47 billion for the quarter, compared to analysts’ expectations of $32.51 billion. General Electric had a net margin of 6.08% and a return on equity of 13.72%. The firm’s revenue for the quarter was up 11.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.32 EPS. equities research analysts forecast that General Electric Company will post 1.07 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, January 25th. Shareholders of record on Wednesday, December 27th will be paid a dividend of $0.12 per share. The ex-dividend date is Tuesday, December 26th. This represents a $0.48 annualized dividend and a yield of 2.69%. General Electric’s payout ratio is presently 120.00%.
Several research analysts have recently commented on GE shares. Stifel Nicolaus reissued a “buy” rating and issued a $26.00 price target on shares of General Electric in a research report on Thursday, October 12th. J P Morgan Chase & Co reduced their target price on General Electric from $19.00 to $17.00 and set an “underweight” rating on the stock in a research report on Wednesday, November 1st. Vetr raised General Electric from a “strong sell” rating to a “sell” rating and set a $21.74 target price on the stock in a research report on Tuesday, October 10th. Citigroup set a $25.00 target price on General Electric and gave the company a “buy” rating in a research report on Tuesday, November 14th. Finally, Goldman Sachs Group set a $22.00 target price on General Electric and gave the company a “neutral” rating in a research report on Tuesday, November 14th. Six equities research analysts have rated the stock with a sell rating, seven have given a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $23.39.
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