General Electric (NYSE:GE) Hits New 12-Month High After Dividend Announcement

General Electric (NYSE:GE)’s share price hit a new 52-week high during mid-day trading on Monday following a dividend announcement from the company. The stock traded as high as $180.48 and last traded at $178.88, with a volume of 727320 shares changing hands. The stock had previously closed at $178.28.

The newly announced dividend which will be paid on Friday, October 25th. Investors of record on Thursday, September 26th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 0.62%. The ex-dividend date of this dividend is Thursday, September 26th. General Electric’s dividend payout ratio (DPR) is presently 36.72%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on GE shares. Barclays lifted their price objective on General Electric from $175.00 to $200.00 and gave the company an “overweight” rating in a report on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft boosted their price target on General Electric from $195.00 to $209.00 and gave the company a “buy” rating in a research note on Monday, June 10th. UBS Group increased their price objective on General Electric from $201.00 to $209.00 and gave the stock a “buy” rating in a research note on Monday, July 1st. Royal Bank of Canada boosted their target price on shares of General Electric from $175.00 to $190.00 and gave the company an “outperform” rating in a research note on Wednesday, July 24th. Finally, Jefferies Financial Group lifted their price target on shares of General Electric from $185.00 to $190.00 and gave the company a “buy” rating in a report on Friday, June 28th. Two research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $191.14.

General Electric Stock Down 0.6 %

The stock’s fifty day moving average price is $167.28 and its 200-day moving average price is $170.87. The company has a market capitalization of $197.38 billion, a price-to-earnings ratio of 59.12, a P/E/G ratio of 1.65 and a beta of 1.18. The company has a quick ratio of 0.85, a current ratio of 1.14 and a debt-to-equity ratio of 0.95.

General Electric (NYSE:GE) last released its earnings results on Tuesday, July 23rd. The conglomerate reported $1.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.99 by $0.21. General Electric had a return on equity of 16.07% and a net margin of 7.66%. The business had revenue of $9.09 billion for the quarter, compared to the consensus estimate of $8.44 billion. During the same quarter in the previous year, the business earned $0.68 earnings per share. General Electric’s quarterly revenue was up 3.9% on a year-over-year basis. On average, sell-side analysts predict that General Electric will post 4.2 earnings per share for the current fiscal year.

Hedge Funds Weigh In On General Electric

Hedge funds and other institutional investors have recently bought and sold shares of the business. Aveo Capital Partners LLC acquired a new position in shares of General Electric during the 4th quarter worth approximately $203,000. Gryphon Financial Partners LLC boosted its holdings in shares of General Electric by 57.3% during the 4th quarter. Gryphon Financial Partners LLC now owns 11,957 shares of the conglomerate’s stock worth $1,526,000 after buying an additional 4,354 shares during the period. Jump Financial LLC acquired a new position in General Electric in the 4th quarter valued at about $477,000. Sachetta LLC bought a new stake in shares of General Electric during the fourth quarter worth approximately $167,000. Finally, Corient Private Wealth LLC increased its stake in shares of General Electric by 8.0% during the fourth quarter. Corient Private Wealth LLC now owns 229,376 shares of the conglomerate’s stock worth $29,275,000 after purchasing an additional 16,952 shares during the period. Institutional investors own 74.77% of the company’s stock.

About General Electric

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.