Patriot Financial Group Insurance Agency LLC Sells 651 Shares of General Electric (NYSE:GE)

Patriot Financial Group Insurance Agency LLC lowered its position in shares of General Electric (NYSE:GE) by 8.6% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 6,963 shares of the conglomerate’s stock after selling 651 shares during the quarter. Patriot Financial Group Insurance Agency LLC’s holdings in General Electric were worth $1,313,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in GE. Newport Trust Company LLC acquired a new stake in shares of General Electric during the 2nd quarter worth approximately $2,613,332,000. Capital World Investors raised its position in shares of General Electric by 2,818.1% during the 1st quarter. Capital World Investors now owns 12,749,560 shares of the conglomerate’s stock valued at $2,237,930,000 after acquiring an additional 12,312,648 shares during the last quarter. Capital International Investors lifted its stake in shares of General Electric by 9.9% in the 1st quarter. Capital International Investors now owns 59,100,643 shares of the conglomerate’s stock valued at $10,373,936,000 after purchasing an additional 5,309,543 shares during the period. Canada Pension Plan Investment Board boosted its position in shares of General Electric by 221.6% in the 1st quarter. Canada Pension Plan Investment Board now owns 7,121,741 shares of the conglomerate’s stock worth $1,250,079,000 after purchasing an additional 4,907,530 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA acquired a new stake in shares of General Electric during the second quarter worth $580,200,000. Institutional investors own 74.77% of the company’s stock.

Analyst Ratings Changes

GE has been the topic of several analyst reports. UBS Group increased their target price on General Electric from $223.00 to $230.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Barclays boosted their price objective on shares of General Electric from $175.00 to $200.00 and gave the company an “overweight” rating in a report on Tuesday, July 30th. Wells Fargo & Company increased their target price on shares of General Electric from $205.00 to $210.00 and gave the stock an “overweight” rating in a report on Wednesday, October 23rd. Bank of America upped their price objective on shares of General Electric from $180.00 to $200.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on General Electric from $212.00 to $235.00 and gave the company a “buy” rating in a report on Thursday, October 3rd. Two equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat, General Electric currently has a consensus rating of “Moderate Buy” and a consensus target price of $200.93.

General Electric Price Performance

General Electric stock traded down $2.84 during trading hours on Monday, reaching $176.26. 2,011,436 shares of the stock were exchanged, compared to its average volume of 6,346,085. The stock has a 50 day moving average of $179.90 and a two-hundred day moving average of $168.56. The company has a market cap of $191.12 billion, a P/E ratio of 30.90, a price-to-earnings-growth ratio of 1.74 and a beta of 1.18. The company has a current ratio of 1.13, a quick ratio of 0.85 and a debt-to-equity ratio of 0.95. General Electric has a twelve month low of $84.66 and a twelve month high of $194.80.

General Electric (NYSE:GE) last announced its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.13 by $0.02. General Electric had a net margin of 11.48% and a return on equity of 18.93%. The business had revenue of $9.84 billion for the quarter, compared to analysts’ expectations of $9.02 billion. During the same period last year, the firm posted $0.82 earnings per share. The firm’s quarterly revenue was up 5.8% compared to the same quarter last year. Equities analysts expect that General Electric will post 4.2 EPS for the current fiscal year.

General Electric Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 25th. Investors of record on Thursday, September 26th were given a dividend of $0.28 per share. The ex-dividend date of this dividend was Thursday, September 26th. This represents a $1.12 dividend on an annualized basis and a yield of 0.64%. General Electric’s dividend payout ratio is currently 19.68%.

About General Electric

General Electric Company, doing business as GE Aerospace, designs and produces commercial and defense aircraft engines, integrated engine components, electric power, and mechanical aircraft systems. It also offers aftermarket services to support its products. The company operates in the United States, Europe, China, Asia, the Americas, the Middle East, and Africa.