PNC Financial Services Group Inc. Lowers Holdings in General Electric Company (GE)
PNC Financial Services Group Inc. lessened its position in shares of General Electric Company (NYSE:GE) by 7.4% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 32,239,616 shares of the conglomerate’s stock after selling 2,575,239 shares during the period. General Electric comprises 1.1% of PNC Financial Services Group Inc.’s investment portfolio, making the stock its 10th biggest holding. PNC Financial Services Group Inc. owned about 0.37% of General Electric worth $960,743,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of GE. Auxier Asset Management grew its holdings in General Electric by 1.9% during the 4th quarter. Auxier Asset Management now owns 12,768 shares of the conglomerate’s stock worth $403,000 after acquiring an additional 233 shares in the last quarter. Aspen Investment Management Inc grew its holdings in General Electric by 1.1% during the 4th quarter. Aspen Investment Management Inc now owns 62,531 shares of the conglomerate’s stock worth $1,976,000 after acquiring an additional 700 shares in the last quarter. Pegasus Partners Ltd. grew its holdings in General Electric by 3.3% during the 4th quarter. Pegasus Partners Ltd. now owns 77,340 shares of the conglomerate’s stock worth $2,444,000 after acquiring an additional 2,463 shares in the last quarter. Teachers Advisors LLC grew its holdings in General Electric by 16.5% during the 4th quarter. Teachers Advisors LLC now owns 18,282,715 shares of the conglomerate’s stock worth $577,734,000 after acquiring an additional 2,592,455 shares in the last quarter. Finally, Kentucky Retirement Systems acquired a new position in General Electric during the 4th quarter worth approximately $20,285,000. Institutional investors own 54.78% of the company’s stock.
Several research analysts have commented on GE shares. Vetr cut shares of General Electric from a “buy” rating to a “hold” rating and set a $28.47 price target for the company. in a report on Thursday, May 11th. Deutsche Bank AG cut shares of General Electric from a “hold” rating to a “sell” rating and lowered their price target for the stock from $28.00 to $24.00 in a report on Friday, May 12th. TheStreet cut shares of General Electric from a “b-” rating to a “c” rating in a report on Friday, May 19th. Credit Suisse Group lowered their price target on shares of General Electric from $33.00 to $27.00 and set an “outperform” rating for the company in a report on Thursday, June 1st. They noted that the move was a valuation call. Finally, Cowen and Company reiterated a “market perform” rating and set a $30.00 price target on shares of General Electric in a report on Tuesday, June 13th. Four research analysts have rated the stock with a sell rating, eight have given a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. General Electric presently has an average rating of “Hold” and an average target price of $30.08.
Shares of General Electric Company (GE) traded down 1.353% during trading on Friday, reaching $23.695. 21,308,361 shares of the company’s stock were exchanged. The stock has a market capitalization of $205.15 billion, a PE ratio of 28.861 and a beta of 1.22. The company’s 50-day moving average is $25.13 and its 200 day moving average is $27.83. General Electric Company has a 52 week low of $23.58 and a 52 week high of $32.38. General Electric also saw some unusual options trading activity on Tuesday. Investors purchased 50,179 put options on the stock. This is an increase of approximately 331% compared to the typical volume of 11,631 put options.
General Electric (NYSE:GE) last announced its quarterly earnings results on Friday, July 21st. The conglomerate reported $0.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.25 by $0.03. General Electric had a net margin of 6.45% and a return on equity of 14.59%. The company had revenue of $29.56 billion during the quarter, compared to the consensus estimate of $29.07 billion. During the same quarter in the previous year, the company posted $0.51 earnings per share. The company’s revenue for the quarter was down 11.8% compared to the same quarter last year. On average, analysts forecast that General Electric Company will post $1.56 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 25th. Stockholders of record on Monday, September 18th will be issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 4.00%. The ex-dividend date of this dividend is Friday, September 15th. General Electric’s dividend payout ratio (DPR) is 118.52%.
In related news, Vice Chairman Elizabeth J. Comstock sold 24,693 shares of General Electric stock in a transaction dated Wednesday, August 9th. The shares were sold at an average price of $25.65, for a total transaction of $633,375.45. Following the sale, the insider now directly owns 175,717 shares in the company, valued at $4,507,141.05. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Alexander Dimitrief acquired 1,845 shares of the business’s stock in a transaction that occurred on Monday, July 24th. The shares were bought at an average price of $25.54 per share, for a total transaction of $47,121.30. Following the completion of the purchase, the insider now owns 65,597 shares of the company’s stock, valued at $1,675,347.38. The disclosure for this purchase can be found here. In the last three months, insiders have bought 233,253 shares of company stock valued at $5,860,264. Corporate insiders own 0.36% of the company’s stock.
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