Business

“Fifth Third Bancorp Boosts Stake in General Electric: A Comprehensive Overview”

Fifth Third Bancorp augmented its holdings in General Electric (NYSE:GE – Free Report) by 12.5% during the fourth quarter, as per its recent disclosure with the Securities and Exchange Commission. The institutional investor now possesses 261,187 shares of the conglomerate’s stock, having acquired an additional 28,985 shares during the quarter. Fifth Third Bancorp’s stake in General Electric was valued at $33,335,000 based on its most recent filing with the Securities and Exchange Commission.

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Fifth Third Bancorp

Several other hedge funds and institutional investors have also adjusted their positions in the stock recently. Sei Investments Co. increased its holdings in General Electric by 10.0% during the first quarter, now owning 305,384 shares valued at $27,925,000 after purchasing an additional 27,682 shares in the last quarter. Prudential PLC initiated a new position in General Electric during the first quarter, estimated at around $1,518,000. Sequoia Financial Advisors LLC expanded its holdings in General Electric by 2.9% during the first quarter, now owning 11,748 shares valued at $1,075,000 after acquiring an additional 334 shares in the last quarter.

Merit Financial Group LLC also initiated a new position in Fifth Third Bancorp General Electric during the first quarter, valued at approximately $388,000. Lastly, West Family Investments Inc. initiated a new position in General Electric during the first quarter, valued at approximately $230,000. Institutional investors and hedge funds currently own 74.77% of the company’s stock.

In terms of analyst ratings, GE has been the subject of various reports. Royal Bank of Fifth Third Bancorp Canada raised their price target on General Electric shares from $148.00 to $170.00 and assigned the company an “outperform” rating in a research note on Friday, March 1st. Wells Fargo & Company increased their price target on General Electric shares from $177.00 to $200.00 and gave the company an “overweight” rating in a research note on Wednesday. StockNews.com initiated coverage on General Electric shares in a research note on Thursday, assigning a “hold” rating to the stock.

Oppenheimer reaffirmed a “market perform” rating on Fifth Third Bancorp General Electric shares in a research note on Tuesday, March 5th. Finally, Jefferies Financial Group boosted their price objective on General Electric shares from $180.00 to $195.00 in a research note on Monday, March 11th. Two analysts have given the stock a hold rating, while ten have assigned a buy rating. According to MarketBeat, General Electric has an average rating of “Moderate Buy” and a consensus price target of $150.54.

GE stock traded down $4.59 during trading on Friday, reaching $175.53. The stock had a trading volume of 9,674,578 shares, compared to its average volume of 7,582,587. The company’s 50-day moving average price is $153.43, while its 200-day moving average price is $130.22. General Electric has a 1-year low of $93.47 and a 1-year high of $180.36. The stock has a market capitalization of $191.90 billion, a price-to-earnings ratio of 20.97, a price-to-earnings-growth ratio of 2.35, and a beta of 1.28. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.85, and a current ratio of 1.18.

In its most recent quarterly earnings report released on Tuesday, January 23rd, General Electric reported earnings per share (EPS) of $1.03, surpassing the consensus estimate of $0.90 by $0.13. The company generated revenue of $19.42 billion during the quarter, exceeding analysts’ expectations of $17.27 billion. General Electric achieved a return on equity of 10.88% and a net margin of 13.95%. Its revenue increased by 15.4% compared to the same quarter the previous year. For the current fiscal year, sell-side analysts anticipate that General Electric will post earnings per share of 4.57.

In other news, Senior Vice President Michael J. Holston sold 13,601 shares of General Electric stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $135.55, totaling $1,843,615.55. Following this sale, Holston now holds 48,339 shares in the company, valued at approximately $6,552,351.45. This sale was disclosed in a filing with the Securities & Exchange Commission, accessible through the SEC website.

Fifth Third Bancorp Additionally, Holston sold 22,055 shares of General Electric stock in a transaction on Wednesday, February 14th, at an average price of $144.87, totaling $3,195,107.85. Following this sale, Holston holds 56,284 shares in the company, valued at $8,153,863.08. Further details on insider transactions can be found in the filing with the Securities & Exchange Commission. As of now, company insiders own 0.66% of General Electric’s stock.

Fifth Third Bancorp General Electric Company operates as a high-tech industrial company with operations spanning Europe, China, Asia, the Americas, the Middle East, and Africa. Its offerings include gas and steam turbines, full balance of plant solutions, upgrades, and services, as well as data-leveraging software catering to power generation, industrial, governmental, and other clientele.

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