Pinnacle Financial Partners Inc. Reduces Stock Position in General Electric (NYSE:GE)

Pinnacle Financial Partners Inc. lessened its holdings in General Electric (NYSE:GE) by 16.3% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 101,670 shares of the conglomerate’s stock after selling 19,772 shares during the quarter. Pinnacle Financial Partners Inc.’s holdings in General Electric were worth $1,068,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also made changes to their positions in the business. Bellecapital International Ltd. raised its holdings in shares of General Electric by 166.4% in the second quarter. Bellecapital International Ltd. now owns 48,990 shares of the conglomerate’s stock valued at $514,000 after acquiring an additional 30,600 shares in the last quarter. Resource Management LLC raised its holdings in shares of General Electric by 22.4% in the 2nd quarter. Resource Management LLC now owns 76,386 shares of the conglomerate’s stock valued at $802,000 after purchasing an additional 13,977 shares in the last quarter. Comerica Bank lifted its position in shares of General Electric by 1.6% in the 2nd quarter. Comerica Bank now owns 1,954,457 shares of the conglomerate’s stock worth $19,506,000 after purchasing an additional 31,411 shares during the period. Carroll Financial Associates Inc. lifted its position in shares of General Electric by 13.5% in the 2nd quarter. Carroll Financial Associates Inc. now owns 117,920 shares of the conglomerate’s stock worth $1,238,000 after purchasing an additional 14,033 shares during the period. Finally, Bedel Financial Consulting Inc. boosted its stake in shares of General Electric by 7.1% during the second quarter. Bedel Financial Consulting Inc. now owns 19,024 shares of the conglomerate’s stock valued at $200,000 after purchasing an additional 1,259 shares in the last quarter. 59.32% of the stock is currently owned by institutional investors.

Shares of GE traded up $0.12 during midday trading on Wednesday, hitting $9.26. 34,873,929 shares of the company’s stock traded hands, compared to its average volume of 96,922,320. The company has a current ratio of 1.73, a quick ratio of 1.44 and a debt-to-equity ratio of 1.65. The stock has a market capitalization of $79.77 billion, a price-to-earnings ratio of 14.25, a price-to-earnings-growth ratio of 2.00 and a beta of 1.09. General Electric has a 1 year low of $6.66 and a 1 year high of $13.78. The firm’s fifty day moving average is $9.08 and its 200-day moving average is $9.76.



General Electric (NYSE:GE) last announced its earnings results on Wednesday, July 31st. The conglomerate reported $0.17 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.12 by $0.05. General Electric had a positive return on equity of 10.64% and a negative net margin of 15.38%. The firm had revenue of $28.83 billion for the quarter, compared to the consensus estimate of $28.83 billion. During the same period in the previous year, the business earned $0.19 EPS. The firm’s revenue for the quarter was down 1.1% on a year-over-year basis. On average, equities research analysts anticipate that General Electric will post 0.62 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Shareholders of record on Monday, September 16th will be issued a $0.01 dividend. This represents a $0.04 annualized dividend and a yield of 0.43%. The ex-dividend date is Friday, September 13th. General Electric’s dividend payout ratio is presently 6.15%.

Several brokerages recently issued reports on GE. William Blair reissued a “buy” rating on shares of General Electric in a report on Friday, August 16th. UBS Group lowered General Electric from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $13.00 to $11.50 in a report on Monday, July 15th. JPMorgan Chase & Co. reaffirmed a “sell” rating on shares of General Electric in a research report on Wednesday, July 31st. Morgan Stanley initiated coverage on General Electric in a report on Thursday, September 5th. They issued an “equal weight” rating and a $10.00 price target on the stock. Finally, Zacks Investment Research lowered General Electric from a “strong-buy” rating to a “hold” rating and set a $12.00 price target for the company. in a research report on Friday, August 2nd. Three analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eight have assigned a buy rating to the stock. General Electric presently has a consensus rating of “Hold” and an average price target of $11.58.

In other news, Chairman H Lawrence Culp, Jr. bought 331,684 shares of the business’s stock in a transaction that occurred on Monday, August 12th. The shares were purchased at an average cost of $9.04 per share, with a total value of $2,998,423.36. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Chairman H Lawrence Culp, Jr. bought 252,200 shares of General Electric stock in a transaction that occurred on Thursday, August 15th. The stock was purchased at an average price of $7.93 per share, with a total value of $1,999,946.00. The disclosure for this purchase can be found here. Insiders have bought 801,068 shares of company stock worth $6,954,745 in the last 90 days. Insiders own 1.13% of the company’s stock.

General Electric Profile

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

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

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