Prosperity Wealth Management Inc. Purchases New Position in General Electric (NYSE:GE)

Prosperity Wealth Management Inc. bought a new position in General Electric (NYSE:GE - Free Report) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor bought 3,537 shares of the conglomerate's stock, valued at approximately $590,000.

Several other institutional investors and hedge funds have also bought and sold shares of GE. Jennison Associates LLC boosted its stake in General Electric by 91.8% during the third quarter. Jennison Associates LLC now owns 7,771,759 shares of the conglomerate's stock worth $1,465,598,000 after acquiring an additional 3,719,894 shares in the last quarter. Janus Henderson Group PLC raised its holdings in shares of General Electric by 505.8% during the third quarter. Janus Henderson Group PLC now owns 1,908,434 shares of the conglomerate's stock valued at $359,882,000 after purchasing an additional 1,593,413 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in General Electric during the fourth quarter valued at approximately $194,208,000. Franklin Resources Inc. increased its holdings in General Electric by 206.5% during the third quarter. Franklin Resources Inc. now owns 1,444,466 shares of the conglomerate's stock valued at $278,247,000 after buying an additional 973,135 shares during the last quarter. Finally, State Street Corp increased its stake in shares of General Electric by 2.1% in the third quarter. State Street Corp now owns 43,322,827 shares of the conglomerate's stock worth $8,181,801,000 after purchasing an additional 898,296 shares in the last quarter. 74.77% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

GE has been the subject of several research reports. JPMorgan Chase & Co. increased their price objective on shares of General Electric from $190.00 to $210.00 and gave the company an "overweight" rating in a research report on Friday, January 24th. Redburn Atlantic assumed coverage on shares of General Electric in a research report on Tuesday, February 18th. They set a "buy" rating and a $250.00 target price on the stock. Royal Bank of Canada reissued an "outperform" rating and set a $200.00 target price on shares of General Electric in a research report on Wednesday, January 22nd. Citigroup raised their price target on shares of General Electric from $216.00 to $235.00 and gave the company a "buy" rating in a report on Monday, January 27th. Finally, Bank of America lifted their target price on shares of General Electric from $200.00 to $225.00 and gave the stock a "buy" rating in a research note on Monday, January 27th. Two investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $211.31.

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General Electric Stock Performance

NYSE GE opened at $191.89 on Wednesday. The firm has a market capitalization of $205.95 billion, a P/E ratio of 32.03, a P/E/G ratio of 2.59 and a beta of 1.19. General Electric has a 1-year low of $131.14 and a 1-year high of $212.19. The company has a debt-to-equity ratio of 0.88, a current ratio of 1.09 and a quick ratio of 0.81. The business's 50-day simple moving average is $193.99 and its 200-day simple moving average is $183.50.

General Electric (NYSE:GE - Get Free Report) last released its quarterly earnings results on Thursday, January 23rd. The conglomerate reported $1.32 EPS for the quarter, topping the consensus estimate of $1.05 by $0.27. General Electric had a return on equity of 22.19% and a net margin of 14.31%. Equities analysts predict that General Electric will post 5.4 EPS for the current year.

General Electric Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 25th. Stockholders of record on Monday, March 10th will be paid a $0.36 dividend. This is a boost from General Electric's previous quarterly dividend of $0.28. The ex-dividend date of this dividend is Monday, March 10th. This represents a $1.44 annualized dividend and a dividend yield of 0.75%. General Electric's dividend payout ratio is presently 24.04%.

General Electric 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.

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