Ledyard National Bank Lowers Stake in General Electric Company (GE)

Ledyard National Bank reduced its position in General Electric Company (NYSE:GE) by 28.3% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 356,645 shares of the conglomerate’s stock after selling 140,849 shares during the period. General Electric accounts for approximately 1.4% of Ledyard National Bank’s investment portfolio, making the stock its 11th largest holding. Ledyard National Bank’s holdings in General Electric were worth $9,633,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in GE. Inverness Counsel LLC NY increased its stake in shares of General Electric by 5.3% in the 1st quarter. Inverness Counsel LLC NY now owns 1,115,716 shares of the conglomerate’s stock valued at $33,215,000 after buying an additional 56,365 shares during the period. Prospera Financial Services Inc increased its stake in shares of General Electric by 20.7% in the 1st quarter. Prospera Financial Services Inc now owns 115,394 shares of the conglomerate’s stock valued at $3,445,000 after buying an additional 19,787 shares during the period. First Command Financial Services Inc. increased its stake in shares of General Electric by 0.4% in the 1st quarter. First Command Financial Services Inc. now owns 53,305 shares of the conglomerate’s stock valued at $1,588,000 after buying an additional 229 shares during the period. Private Bank & Trust Co. increased its stake in shares of General Electric by 5.4% in the 1st quarter. Private Bank & Trust Co. now owns 78,428 shares of the conglomerate’s stock valued at $2,337,000 after buying an additional 4,049 shares during the period. Finally, Visionary Asset Management Inc. increased its stake in shares of General Electric by 2.7% in the 1st quarter. Visionary Asset Management Inc. now owns 108,235 shares of the conglomerate’s stock valued at $3,225,000 after buying an additional 2,873 shares during the period. 54.69% of the stock is owned by institutional investors.

In other General Electric news, Vice Chairman Elizabeth J. Comstock sold 24,693 shares of the stock in a transaction dated Wednesday, August 9th. The stock was sold at an average price of $25.65, for a total transaction of $633,375.45. Following the completion of the sale, the insider now directly owns 175,717 shares in the company, valued at approximately $4,507,141.05. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Alexander Dimitrief purchased 1,845 shares of the firm’s stock in a transaction on Monday, July 24th. The shares were acquired at an average price of $25.54 per share, with a total value of $47,121.30. Following the completion of the acquisition, the insider now owns 65,597 shares in the company, valued at approximately $1,675,347.38. The disclosure for this purchase can be found here. Over the last quarter, insiders have acquired 233,253 shares of company stock valued at $5,860,264. Company insiders own 0.36% of the company’s stock.

General Electric Company (NYSE GE) traded down 0.325% on Thursday, reaching $22.995. The company’s stock had a trading volume of 37,425,039 shares. General Electric Company has a 52-week low of $22.83 and a 52-week high of $32.38. The stock has a market cap of $199.09 billion, a price-to-earnings ratio of 28.009 and a beta of 1.19. The firm’s 50-day moving average price is $24.33 and its 200-day moving average price is $26.85.

General Electric (NYSE:GE) last issued its quarterly earnings results on Friday, July 21st. The conglomerate reported $0.28 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.25 by $0.03. General Electric had a return on equity of 14.59% and a net margin of 6.45%. The firm had revenue of $29.56 billion during the quarter, compared to the consensus estimate of $29.07 billion. During the same period last year, the business posted $0.51 EPS. The business’s revenue was down 11.8% compared to the same quarter last year. On average, equities analysts expect that General Electric Company will post $1.53 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 25th. Shareholders of record on Monday, September 18th will be issued a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, September 15th. This represents a $0.96 dividend on an annualized basis and a yield of 4.16%. General Electric’s payout ratio is currently 118.52%.

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Several equities research analysts have recently commented on GE shares. UBS AG reissued a “buy” rating and issued a $31.00 target price (down from $35.00) on shares of General Electric in a research note on Tuesday, July 25th. Citigroup Inc. reissued a “buy” rating and issued a $34.00 target price (down from $36.00) on shares of General Electric in a research note on Monday, July 10th. Royal Bank Of Canada reissued a “buy” rating and issued a $31.00 target price on shares of General Electric in a research note on Friday, September 15th. Credit Suisse Group reissued an “outperform” rating and issued a $30.00 target price (down from $33.00) on shares of General Electric in a research note on Thursday, October 5th. Finally, Goldman Sachs Group, Inc. (The) set a $29.00 target price on General Electric and gave the company a “neutral” rating in a research note on Friday, July 7th. Four analysts have rated the stock with a sell rating, eight have given a hold rating and ten have issued a buy rating to the company. General Electric currently has an average rating of “Hold” and a consensus target price of $28.16.

General Electric Profile

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

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