Washington Trust Bank Grows Position in General Electric (NYSE:GE)
Washington Trust Bank raised its position in General Electric (NYSE:GE) by 24.4% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 25,521 shares of the conglomerate’s stock after purchasing an additional 5,000 shares during the quarter. Washington Trust Bank’s holdings in General Electric were worth $175,000 at the end of the most recent quarter.
Several other institutional investors have also recently added to or reduced their stakes in GE. Rocky Mountain Advisers LLC raised its holdings in shares of General Electric by 99.9% in the 1st quarter. Rocky Mountain Advisers LLC now owns 3,333 shares of the conglomerate’s stock worth $26,000 after purchasing an additional 1,666 shares during the period. Capital Advisory Group Advisory Services LLC purchased a new stake in shares of General Electric during the 1st quarter valued at about $27,000. Sage Financial Group Inc. purchased a new stake in shares of General Electric during the 1st quarter valued at about $32,000. Balentine LLC purchased a new stake in shares of General Electric during the 1st quarter valued at about $34,000. Finally, Watson Rebecca purchased a new stake in shares of General Electric during the 2nd quarter valued at about $34,000. Institutional investors own 61.93% of the company’s stock.
GE has been the topic of several analyst reports. Cowen reiterated a “hold” rating and set a $8.00 target price on shares of General Electric in a report on Monday, May 4th. Bank of America restated a “buy” rating and set a $11.00 price objective on shares of General Electric in a research report on Monday, June 15th. Credit Suisse Group reduced their price objective on General Electric from $9.00 to $8.00 and set a “neutral” rating for the company in a research report on Thursday, April 30th. Cfra lowered General Electric to a “hold” rating in a research report on Thursday, April 9th. Finally, JPMorgan Chase & Co. reiterated a “hold” rating and set a $5.00 price target on shares of General Electric in a research report on Thursday, April 30th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and eight have issued a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $9.02.
General Electric (NYSE:GE) last announced its earnings results on Wednesday, July 29th. The conglomerate reported ($0.15) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.06). The company had revenue of $17.75 billion for the quarter, compared to analyst estimates of $17.27 billion. General Electric had a positive return on equity of 7.94% and a negative net margin of 5.10%. The firm’s revenue for the quarter was down 38.4% on a year-over-year basis. During the same period last year, the firm earned $0.17 earnings per share.
The business also recently announced a quarterly dividend, which was paid on Monday, July 27th. Stockholders of record on Monday, June 29th were given a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.66%. The ex-dividend date was Friday, June 26th. General Electric’s dividend payout ratio (DPR) is presently 6.15%.
General Electric Profile
General Electric Company operates as a high-tech industrial company worldwide. It operates through Power, Renewable Energy, Aviation, Oil & Gas, Healthcare, Transportation, Lighting, and Capital segments. The Power segment offers technologies, solutions, and services related to energy production, including gas and steam turbines, generators, and high voltage equipment; and power generation services.
Further Reading: Are all No-Load Funds Equal?
Want to see what other hedge funds are holding GE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for General Electric (NYSE:GE).
Receive News & Ratings for General Electric Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for General Electric and related companies with MarketBeat.com's FREE daily email newsletter.