Arete Wealth Advisors LLC Invests $1.02 Million in General Electric (NYSE:GE)

Posted by on Sep 15th, 2023

Arete Wealth Advisors LLC acquired a new stake in shares of General Electric (NYSE:GE – Free Report) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 10,693 shares of the conglomerate’s stock, valued at approximately $1,022,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Northstar Group Inc. boosted its position in shares of General Electric by 2.9% during the 1st quarter. Northstar Group Inc. now owns 3,673 shares of the conglomerate’s stock valued at $351,000 after acquiring an additional 104 shares during the last quarter. WMS Partners LLC grew its stake in shares of General Electric by 1.3% in the 1st quarter. WMS Partners LLC now owns 8,500 shares of the conglomerate’s stock valued at $813,000 after buying an additional 109 shares during the period. ZWJ Investment Counsel Inc. increased its holdings in shares of General Electric by 0.3% during the 1st quarter. ZWJ Investment Counsel Inc. now owns 43,634 shares of the conglomerate’s stock worth $4,171,000 after buying an additional 110 shares during the last quarter. HHM Wealth Advisors LLC raised its position in shares of General Electric by 2.9% during the 1st quarter. HHM Wealth Advisors LLC now owns 3,972 shares of the conglomerate’s stock valued at $380,000 after buying an additional 113 shares during the period. Finally, Sandy Spring Bank raised its position in shares of General Electric by 2.9% during the 1st quarter. Sandy Spring Bank now owns 4,044 shares of the conglomerate’s stock valued at $387,000 after buying an additional 113 shares during the period. 74.83% of the stock is currently owned by institutional investors.

General Electric Stock Up 1.8 %

General Electric stock opened at $115.65 on Friday. General Electric has a twelve month low of $48.06 and a twelve month high of $117.96. The stock’s fifty day simple moving average is $112.67 and its 200-day simple moving average is $103.48. The company has a current ratio of 1.25, a quick ratio of 0.90 and a debt-to-equity ratio of 0.61. The firm has a market capitalization of $125.87 billion, a P/E ratio of 13.72, a P/E/G ratio of 6.89 and a beta of 1.28.

General Electric (NYSE:GE – Get Free Report) last posted its quarterly earnings data on Tuesday, July 25th. The conglomerate reported $0.68 earnings per share for the quarter, topping analysts’ consensus estimates of $0.46 by $0.22. General Electric had a return on equity of 9.30% and a net margin of 13.32%. The business had revenue of $15.85 billion for the quarter, compared to analyst estimates of $14.76 billion. During the same quarter in the prior year, the company earned $0.78 earnings per share. The company’s revenue was up 18.6% on a year-over-year basis. As a group, equities analysts expect that General Electric will post 2.32 earnings per share for the current fiscal year.

General Electric Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 25th. Investors of record on Tuesday, September 26th will be paid a dividend of $0.08 per share. The ex-dividend date of this dividend is Monday, September 25th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.28%. General Electric’s payout ratio is currently 3.80%.

Insider Buying and Selling

In related news, SVP Michael J. Holston sold 112,614 shares of the business’s stock in a transaction on Thursday, July 27th. The shares were sold at an average price of $115.20, for a total transaction of $12,973,132.80. Following the completion of the transaction, the senior vice president now owns 57,923 shares in the company, valued at $6,672,729.60. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, SVP Michael J. Holston sold 112,614 shares of the business’s stock in a transaction on Thursday, July 27th. The shares were sold at an average price of $115.20, for a total transaction of $12,973,132.80. Following the completion of the transaction, the senior vice president now owns 57,923 shares in the company, valued at $6,672,729.60. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, major shareholder General Electric Pension Trust bought 35,160 shares of the stock in a transaction that occurred on Friday, June 30th. The shares were purchased at an average price of $995.44 per share, with a total value of $34,999,670.40. Following the purchase, the insider now owns 175,160 shares of the company’s stock, valued at approximately $174,361,270.40. The disclosure for this purchase can be found here. Insiders own 0.67% of the company’s stock.

Wall Street Analysts Forecast Growth

GE has been the topic of several analyst reports. Citigroup lifted their price target on shares of General Electric from $126.00 to $135.00 and gave the company a “buy” rating in a research report on Thursday, July 27th. Bank of America lifted their price target on shares of General Electric from $108.00 to $120.00 in a research report on Thursday, July 6th. Wells Fargo & Company lifted their price target on shares of General Electric from $100.00 to $105.00 in a research report on Monday, July 10th. The Goldman Sachs Group lifted their price target on shares of General Electric from $121.00 to $133.00 and gave the company a “buy” rating in a research report on Tuesday, July 25th. Finally, Argus boosted their target price on General Electric from $112.00 to $130.00 and gave the company a “buy” rating in a research report on Wednesday, July 26th. Three research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $120.00.

Read Our Latest Analysis on GE

General Electric Company Profile

(Free Report)

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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Institutional Ownership by Quarter for General Electric (NYSE:GE)

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