Montecito Bank & Trust Has $301,000 Position in General Electric (GE)

Montecito Bank & Trust decreased its position in General Electric (NYSE:GE) by 15.1% during the second quarter, HoldingsChannel reports. The firm owned 22,058 shares of the conglomerate’s stock after selling 3,932 shares during the quarter. Montecito Bank & Trust’s holdings in General Electric were worth $301,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in GE. Franklin Resources Inc. lifted its stake in General Electric by 11.0% during the 1st quarter. Franklin Resources Inc. now owns 204,957,949 shares of the conglomerate’s stock valued at $2,762,834,000 after acquiring an additional 20,275,020 shares during the period. The Manufacturers Life Insurance Company lifted its stake in General Electric by 43.9% during the 1st quarter. The Manufacturers Life Insurance Company now owns 90,257,543 shares of the conglomerate’s stock valued at $1,216,672,000 after acquiring an additional 27,527,425 shares during the period. Barrow Hanley Mewhinney & Strauss LLC lifted its stake in General Electric by 15.2% during the 1st quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 74,590,954 shares of the conglomerate’s stock valued at $1,005,486,000 after acquiring an additional 9,835,343 shares during the period. Schwab Charles Investment Management Inc. lifted its stake in General Electric by 8.6% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 34,433,303 shares of the conglomerate’s stock valued at $464,161,000 after acquiring an additional 2,736,657 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. lifted its stake in General Electric by 6.0% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 26,814,410 shares of the conglomerate’s stock valued at $364,944,000 after acquiring an additional 1,507,722 shares during the period. Institutional investors own 53.74% of the company’s stock.

GE has been the topic of several research analyst reports. JPMorgan Chase & Co. set a $11.00 target price on shares of General Electric and gave the company a “sell” rating in a research note on Monday, July 23rd. Gabelli restated a “buy” rating and set a $21.00 target price on shares of General Electric in a research note on Monday, September 24th. Morningstar set a $15.70 target price on shares of General Electric and gave the company a “buy” rating in a research note on Monday, August 13th. Zacks Investment Research cut shares of General Electric from a “hold” rating to a “sell” rating in a research note on Monday, September 24th. Finally, Bank of America set a $16.00 target price on shares of General Electric and gave the company a “hold” rating in a research note on Monday, September 24th. Five equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $16.42.

In other news, Director H Lawrence Culp, Jr. bought 191,000 shares of General Electric stock in a transaction that occurred on Tuesday, July 24th. The stock was bought at an average cost of $13.04 per share, with a total value of $2,490,640.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 1.12% of the company’s stock.

Shares of NYSE:GE opened at $13.18 on Monday. The company has a market capitalization of $98.03 billion, a PE ratio of 12.55, a price-to-earnings-growth ratio of 2.14 and a beta of 0.97. General Electric has a twelve month low of $11.21 and a twelve month high of $24.54. The company has a current ratio of 1.81, a quick ratio of 1.51 and a debt-to-equity ratio of 1.39.

General Electric (NYSE:GE) last released its earnings results on Friday, July 20th. The conglomerate reported $0.19 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.18 by $0.01. The company had revenue of $30.10 billion during the quarter, compared to analyst estimates of $29.39 billion. General Electric had a negative net margin of 6.59% and a positive return on equity of 10.40%. The firm’s quarterly revenue was up 3.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.21 EPS. As a group, analysts expect that General Electric will post 0.96 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 25th. Investors of record on Monday, September 17th will be issued a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 3.64%. The ex-dividend date of this dividend is Friday, September 14th. General Electric’s dividend payout ratio is 45.71%.

General Electric Company Profile

General Electric Company operates as a digital industrial company worldwide. It operates through Power, Renewable Energy, Oil & Gas, Aviation, Healthcare, Transportation, Lighting, and Capital segments. The Power segment offers technologies, solutions, and services related to energy production, including gas and steam turbines, engines, generators, and high voltage equipment; and power generation services and digital solutions.

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

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