Prospera Financial Services Inc Raises Stock Position in General Electric (NYSE:GE)

Prospera Financial Services Inc raised its stake in shares of General Electric (NYSE:GE) by 10.4% in the third quarter, Holdings Channel.com reports. The institutional investor owned 27,571 shares of the conglomerate’s stock after buying an additional 2,605 shares during the quarter. Prospera Financial Services Inc’s holdings in General Electric were worth $5,201,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the stock. OneAscent Financial Services LLC purchased a new stake in shares of General Electric during the 3rd quarter valued at about $625,000. Napa Wealth Management purchased a new stake in General Electric during the third quarter valued at approximately $1,180,000. Drive Wealth Management LLC raised its position in General Electric by 6.9% in the third quarter. Drive Wealth Management LLC now owns 2,543 shares of the conglomerate’s stock worth $480,000 after acquiring an additional 165 shares during the period. Aviso Wealth Management boosted its stake in shares of General Electric by 96.9% during the 3rd quarter. Aviso Wealth Management now owns 2,825 shares of the conglomerate’s stock worth $533,000 after acquiring an additional 1,390 shares during the last quarter. Finally, LMR Partners LLP grew its position in shares of General Electric by 36.3% during the 3rd quarter. LMR Partners LLP now owns 156,238 shares of the conglomerate’s stock valued at $29,463,000 after acquiring an additional 41,594 shares during the period. 74.77% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

GE has been the topic of a number of recent research reports. Melius Research raised their target price on General Electric from $194.00 to $202.00 in a report on Tuesday, October 22nd. Sanford C. Bernstein lifted their price objective on General Electric from $201.00 to $225.00 and gave the company an “outperform” rating in a research report on Monday, October 14th. Deutsche Bank Aktiengesellschaft boosted their price objective on General Electric from $212.00 to $235.00 and gave the company a “buy” rating in a research note on Thursday, October 3rd. UBS Group lifted their price target on shares of General Electric from $223.00 to $230.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Finally, Wells Fargo & Company increased their price objective on shares of General Electric from $205.00 to $210.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 23rd. Two investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $200.93.

Insider Transactions at General Electric

In other news, SVP Riccardo Procacci sold 7,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $181.13, for a total value of $1,267,910.00. Following the completion of the sale, the senior vice president now directly owns 13,289 shares of the company’s stock, valued at $2,407,036.57. This trade represents a 34.50 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 0.66% of the company’s stock.

General Electric Price Performance

NYSE:GE opened at $177.56 on Wednesday. The business’s 50-day moving average is $182.75 and its 200 day moving average is $170.91. General Electric has a 12 month low of $94.54 and a 12 month high of $194.80. The company has a market capitalization of $192.17 billion, a P/E ratio of 31.20, a P/E/G ratio of 1.75 and a beta of 1.19. 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 (NYSE:GE) last issued its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.13 by $0.02. General Electric had a return on equity of 18.93% and a net margin of 11.48%. The business had revenue of $9.84 billion for the quarter, compared to analysts’ expectations of $9.02 billion. During the same period in the prior year, the firm earned $0.82 EPS. The company’s revenue for the quarter was up 5.8% on a year-over-year basis. On average, equities research analysts forecast that General Electric will post 4.22 earnings per share for the current fiscal year.

General Electric Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 25th. Shareholders of record on Thursday, September 26th were paid a $0.28 dividend. The ex-dividend date was Thursday, September 26th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.63%. General Electric’s payout ratio is currently 19.68%.

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.