Truist Financial Corp lessened its stake in shares of General Electric (NYSE:GE – Free Report) by 6.1% in the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 196,716 shares of the conglomerate’s stock after selling 12,722 shares during the period. Truist Financial Corp’s holdings in General Electric were worth $18,806,000 as of its most recent SEC filing.
A number of other large investors have also added to or reduced their stakes in the stock. Sei Investments Co. boosted its position in General Electric by 10.0% during the first quarter. Sei Investments Co. now owns 305,384 shares of the conglomerate’s stock worth $27,925,000 after purchasing an additional 27,682 shares during the period. Prudential PLC bought a new position in General Electric during the first quarter worth about $1,518,000. Sequoia Financial Advisors LLC boosted its position in shares of General Electric by 2.9% in the first quarter. Sequoia Financial Advisors LLC now owns 11,748 shares of the conglomerate’s stock valued at $1,075,000 after acquiring an additional 334 shares during the period. Merit Financial Group LLC bought a new position in shares of General Electric in the first quarter valued at approximately $388,000. Finally, West Family Investments Inc. bought a new position in shares of General Electric in the first quarter valued at approximately $230,000. Hedge funds and other institutional investors own 74.75% of the company’s stock.
Insider Buying and Selling
In related news, SVP Scott Strazik sold 173,873 shares of the company’s stock in a transaction dated Wednesday, May 10th. The shares were sold at an average price of $99.56, for a total value of $17,310,795.88. Following the transaction, the senior vice president now owns 56,049 shares in the company, valued at approximately $5,580,238.44. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, SVP Scott Strazik sold 173,873 shares of the company’s stock in a transaction dated Wednesday, May 10th. The shares were sold at an average price of $99.56, for a total value of $17,310,795.88. Following the transaction, the senior vice president now owns 56,049 shares in the company, valued at approximately $5,580,238.44. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Michael J. Holston sold 112,614 shares of the business’s stock in a transaction dated Thursday, July 27th. The stock was sold at an average price of $115.20, for a total value of $12,973,132.80. Following the completion of the transaction, the senior vice president now directly owns 57,923 shares of the company’s stock, valued at approximately $6,672,729.60. The disclosure for this sale can be found here. Insiders have sold a total of 344,779 shares of company stock worth $36,385,935 in the last quarter. Corporate insiders own 0.67% of the company’s stock.
General Electric Stock Performance
General Electric (NYSE:GE – Get Free Report) last announced its earnings results on Tuesday, July 25th. The conglomerate reported $0.68 EPS for the quarter, beating analysts’ consensus estimates of $0.46 by $0.22. General Electric had a net margin of 13.32% and a return on equity of 9.30%. The firm had revenue of $15.85 billion for the quarter, compared to analysts’ expectations of $14.76 billion. During the same quarter in the previous year, the business posted $0.78 EPS. The company’s quarterly revenue was up 18.6% on a year-over-year basis. As a group, research analysts predict that General Electric will post 2.33 EPS for the current year.
General Electric Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Tuesday, July 25th. Investors of record on Tuesday, July 11th were paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 0.28%. The ex-dividend date was Monday, July 10th. General Electric’s payout ratio is 3.80%.
Analysts Set New Price Targets
A number of equities analysts have recently commented on the stock. Jefferies Financial Group raised their price objective on shares of General Electric from $120.00 to $130.00 and gave the company a “buy” rating in a research report on Monday, July 17th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of General Electric from $97.00 to $103.00 and gave the stock a “buy” rating in a research note on Wednesday, April 12th. Royal Bank of Canada lifted their price target on shares of General Electric from $120.00 to $130.00 in a research note on Wednesday, July 26th. Morgan Stanley lifted their price target on shares of General Electric from $110.00 to $122.00 in a research note on Wednesday, July 26th. Finally, Wolfe Research lifted their price target on shares of General Electric from $107.00 to $125.00 in a research note on Wednesday, June 28th. Three investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $118.47.
Read Our Latest Analysis on General Electric
General Electric Company Profile
General Electric Company operates as a high-tech industrial company in Europe, China, Asia, the Americas, the Middle East, and Africa. It offers gas and steam turbines, full balance of plant, upgrade, and service solutions, as well as data-leveraging software for power generation, industrial, government, and other customers.
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