Truist Financial Corp Lowers Holdings in General Electric (NYSE:GE)

Truist Financial Corp trimmed its holdings in General Electric (NYSE:GE) by 13.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 202,207 shares of the conglomerate’s stock after selling 32,214 shares during the quarter. Truist Financial Corp’s holdings in General Electric were worth $25,808,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Prime Capital Investment Advisors LLC boosted its holdings in General Electric by 29.3% in the fourth quarter. Prime Capital Investment Advisors LLC now owns 28,311 shares of the conglomerate’s stock valued at $3,613,000 after purchasing an additional 6,419 shares during the last quarter. Fifth Third Bancorp raised its position in shares of General Electric by 12.5% in the fourth quarter. Fifth Third Bancorp now owns 261,187 shares of the conglomerate’s stock worth $33,335,000 after acquiring an additional 28,985 shares during the period. O Shaughnessy Asset Management LLC raised its position in shares of General Electric by 10.9% in the third quarter. O Shaughnessy Asset Management LLC now owns 109,332 shares of the conglomerate’s stock worth $12,087,000 after acquiring an additional 10,722 shares during the period. Grandfield & Dodd LLC raised its position in shares of General Electric by 9.3% in the fourth quarter. Grandfield & Dodd LLC now owns 269,783 shares of the conglomerate’s stock worth $34,432,000 after acquiring an additional 22,998 shares during the period. Finally, Qsemble Capital Management LP acquired a new position in shares of General Electric in the third quarter worth about $1,846,000. 74.77% of the stock is owned by hedge funds and other institutional investors.

General Electric Stock Up 1.3 %

GE stock opened at $164.49 on Tuesday. The company has a market cap of $180.05 billion, a price-to-earnings ratio of 53.93, a PEG ratio of 2.90 and a beta of 1.29. The company has a current ratio of 1.17, a quick ratio of 0.82 and a debt-to-equity ratio of 0.63. General Electric has a 12 month low of $77.93 and a 12 month high of $166.07. The firm has a 50-day moving average of $161.02 and a two-hundred day moving average of $136.80.

General Electric (NYSE:GE) last released its quarterly earnings data on Tuesday, April 23rd. The conglomerate reported $0.82 EPS for the quarter, beating analysts’ consensus estimates of $0.65 by $0.17. The company had revenue of $16.10 billion during the quarter, compared to the consensus estimate of $15.25 billion. General Electric had a net margin of 5.05% and a return on equity of 12.54%. General Electric’s quarterly revenue was up 11.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.27 EPS. As a group, analysts forecast that General Electric will post 3.93 earnings per share for the current fiscal year.

General Electric Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, April 25th. Shareholders of record on Monday, April 15th were issued a $0.28 dividend. This is an increase from General Electric’s previous quarterly dividend of $0.08. The ex-dividend date was Friday, April 12th. This represents a $1.12 dividend on an annualized basis and a yield of 0.68%. General Electric’s dividend payout ratio is presently 36.72%.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of General Electric from $210.00 to $190.00 and set a “buy” rating for the company in a research report on Wednesday, April 3rd. Royal Bank of Canada upped their price objective on shares of General Electric from $165.00 to $175.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 24th. TheStreet upgraded shares of General Electric from a “c+” rating to a “b+” rating in a research report on Tuesday, January 23rd. JPMorgan Chase & Co. decreased their price objective on shares of General Electric from $180.00 to $148.00 and set an “overweight” rating for the company in a research report on Tuesday, April 2nd. Finally, Bank of America upped their price target on shares of General Electric from $165.00 to $180.00 and gave the stock a “buy” rating in a research report on Wednesday, April 24th. Two investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $172.29.

Insider Buying and Selling at General Electric

In other news, SVP Michael J. Holston sold 22,055 shares of the stock in a transaction that occurred on Wednesday, February 14th. The shares were sold at an average price of $144.87, for a total value of $3,195,107.85. Following the completion of the sale, the senior vice president now owns 56,284 shares of the company’s stock, valued at approximately $8,153,863.08. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, SVP Michael J. Holston sold 13,601 shares of the stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $135.55, for a total value of $1,843,615.55. Following the completion of the sale, the senior vice president now owns 48,339 shares of the company’s stock, valued at approximately $6,552,351.45. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Michael J. Holston sold 22,055 shares of the stock in a transaction that occurred on Wednesday, February 14th. The shares were sold at an average price of $144.87, for a total transaction of $3,195,107.85. Following the completion of the sale, the senior vice president now directly owns 56,284 shares of the company’s stock, valued at approximately $8,153,863.08. The disclosure for this sale can be found here. 0.66% of the stock is owned by insiders.

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.