Abich Financial Wealth Management LLC Takes $192,000 Position in General Electric (NYSE:GE)

Abich Financial Wealth Management LLC acquired a new position in General Electric (NYSE:GE) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 1,206 shares of the conglomerate’s stock, valued at approximately $192,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. AlTi Global Inc. increased its stake in General Electric by 36.5% in the 2nd quarter. AlTi Global Inc. now owns 7,447 shares of the conglomerate’s stock worth $1,184,000 after acquiring an additional 1,991 shares during the last quarter. Zurich Insurance Group Ltd FI grew its holdings in shares of General Electric by 9.3% during the second quarter. Zurich Insurance Group Ltd FI now owns 764,018 shares of the conglomerate’s stock worth $121,456,000 after purchasing an additional 65,189 shares in the last quarter. Wescott Financial Advisory Group LLC purchased a new position in shares of General Electric during the second quarter worth about $622,000. Royal Capital Wealth Management LLC increased its position in shares of General Electric by 115.4% in the second quarter. Royal Capital Wealth Management LLC now owns 3,270 shares of the conglomerate’s stock worth $520,000 after purchasing an additional 1,752 shares during the last quarter. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its position in General Electric by 60.6% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 209,407 shares of the conglomerate’s stock valued at $33,289,000 after purchasing an additional 79,024 shares during the last quarter. Hedge funds and other institutional investors own 74.77% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. StockNews.com cut shares of General Electric from a “buy” rating to a “hold” rating in a research note on Monday, July 29th. Royal Bank of Canada upped their target price on shares of General Electric from $175.00 to $190.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 24th. Deutsche Bank Aktiengesellschaft raised their price target on General Electric from $210.00 to $212.00 and gave the company a “buy” rating in a research report on Friday, September 20th. Jefferies Financial Group upped their price objective on General Electric from $185.00 to $190.00 and gave the stock a “buy” rating in a report on Friday, June 28th. Finally, Wells Fargo & Company raised their price objective on General Electric from $192.00 to $205.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. Two research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, General Electric currently has a consensus rating of “Moderate Buy” and a consensus price target of $191.36.

General Electric Stock Performance

Shares of GE stock opened at $189.79 on Wednesday. The company has a market capitalization of $205.79 billion, a P/E ratio of 62.23, a PEG ratio of 1.87 and a beta of 1.18. General Electric has a fifty-two week low of $84.42 and a fifty-two week high of $189.80. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.85 and a current ratio of 1.14. The stock has a 50 day moving average price of $169.81 and a two-hundred day moving average price of $170.28.

General Electric (NYSE:GE) last posted its quarterly earnings results on Tuesday, July 23rd. The conglomerate reported $1.20 EPS for the quarter, beating analysts’ consensus estimates of $0.99 by $0.21. The company had revenue of $9.09 billion during the quarter, compared to analyst estimates of $8.44 billion. General Electric had a net margin of 7.66% and a return on equity of 16.07%. The firm’s revenue was up 3.9% compared to the same quarter last year. During the same period in the prior year, the business posted $0.68 EPS. Analysts expect that General Electric will post 4.2 earnings per share for the current year.

General Electric Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Stockholders of record on Thursday, September 26th will be issued a dividend of $0.28 per share. The ex-dividend date is Thursday, September 26th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.59%. General Electric’s dividend payout ratio is currently 36.72%.

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.