Passumpsic Savings Bank Has $6.10 Million Stock Position in General Electric (NYSE:GE)

Passumpsic Savings Bank cut its stake in shares of General Electric (NYSE:GE) by 4.3% during the third quarter, Holdings Channel reports. The firm owned 32,366 shares of the conglomerate’s stock after selling 1,437 shares during the quarter. General Electric makes up approximately 4.0% of Passumpsic Savings Bank’s portfolio, making the stock its 2nd largest holding. Passumpsic Savings Bank’s holdings in General Electric were worth $6,104,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of GE. Studio Investment Management LLC boosted its stake in General Electric by 97.5% in the 2nd quarter. Studio Investment Management LLC now owns 158 shares of the conglomerate’s stock worth $25,000 after purchasing an additional 78 shares during the period. Toth Financial Advisory Corp purchased a new stake in shares of General Electric in the third quarter valued at $25,000. Valley Wealth Managers Inc. purchased a new position in shares of General Electric during the third quarter valued at $25,000. O Brien Wealth Partners LLC purchased a new position in shares of General Electric during the third quarter valued at $27,000. Finally, Peterson Financial Group Inc. acquired a new position in General Electric during the third quarter valued at $28,000. 74.77% of the stock is owned by hedge funds and other institutional investors.

General Electric Trading Down 0.0 %

Shares of GE stock opened at $171.29 on Wednesday. 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 1 year low of $95.71 and a 1 year high of $194.80. The firm’s fifty day simple moving average is $181.76 and its 200 day simple moving average is $172.48. The firm has a market capitalization of $185.39 billion, a P/E ratio of 30.10, a price-to-earnings-growth ratio of 1.69 and a beta of 1.17.

General Electric (NYSE:GE) last issued its earnings results on Tuesday, October 22nd. The conglomerate reported $1.15 EPS for the quarter, beating analysts’ consensus estimates of $1.13 by $0.02. The business had revenue of $9.84 billion during the quarter, compared to analyst estimates of $9.02 billion. General Electric had a return on equity of 18.93% and a net margin of 11.48%. General Electric’s revenue was up 5.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.82 earnings per share. As a group, sell-side analysts predict that General Electric will post 4.24 EPS for the current year.

General Electric Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 25th. Shareholders of record on Thursday, September 26th were paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 0.65%. The ex-dividend date was Thursday, September 26th. General Electric’s dividend payout ratio is 19.68%.

Insider Buying and Selling at General Electric

In related news, SVP Riccardo Procacci sold 7,000 shares of the stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $181.13, for a total transaction of $1,267,910.00. Following the sale, the senior vice president now directly owns 13,289 shares in the company, valued at $2,407,036.57. This represents a 34.50 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Russell Stokes sold 15,550 shares of the firm’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $178.29, for a total value of $2,772,409.50. Following the sale, the senior vice president now directly owns 148,857 shares of the company’s stock, valued at $26,539,714.53. This represents a 9.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.66% of the company’s stock.

Analyst Upgrades and Downgrades

GE has been the topic of several research analyst reports. Bank of America lifted their target price on General Electric from $180.00 to $200.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Royal Bank of Canada dropped their price objective on shares of General Electric from $210.00 to $200.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 23rd. Deutsche Bank Aktiengesellschaft increased their target price on shares of General Electric from $212.00 to $235.00 and gave the stock a “buy” rating in a research report on Thursday, October 3rd. Wells Fargo & Company boosted their price target on shares of General Electric from $205.00 to $210.00 and gave the company an “overweight” rating in a report on Wednesday, October 23rd. Finally, Citigroup increased their price objective on General Electric from $198.00 to $216.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Two analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, General Electric currently has a consensus rating of “Moderate Buy” and a consensus price target of $200.93.

General Electric Company Profile

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.