General Electric Company (GE) to Issue $0.24 Quarterly Dividend
General Electric Company (NYSE:GE) declared a quarterly dividend on Thursday, September 7th, RTT News reports. Shareholders of record on Monday, September 18th will be given a dividend of 0.24 per share by the conglomerate on Wednesday, October 25th. This represents a $0.96 annualized dividend and a yield of 3.85%. The ex-dividend date of this dividend is Friday, September 15th.
General Electric has increased its dividend payment by an average of 6.6% annually over the last three years. General Electric has a dividend payout ratio of 61.1% meaning its dividend is sufficiently covered by earnings. Equities analysts expect General Electric to earn $1.70 per share next year, which means the company should continue to be able to cover its $0.96 annual dividend with an expected future payout ratio of 56.5%.
General Electric (NYSE:GE) traded down 2.2877% on Thursday, hitting $24.3499. The stock had a trading volume of 30,389,244 shares. The firm has a market capitalization of $210.82 billion, a price-to-earnings ratio of 29.6588 and a beta of 1.22. The company’s 50 day moving average is $25.22 and its 200-day moving average is $27.86. General Electric has a 1-year low of $24.15 and a 1-year high of $32.38. General Electric also was the target of unusually large options trading activity on Monday. Stock investors purchased 44,120 call options on the stock. This is an increase of 206% compared to the typical volume of 14,429 call options.
General Electric (NYSE:GE) last announced its quarterly earnings results on Friday, July 21st. The conglomerate reported $0.28 EPS for the quarter, topping analysts’ consensus estimates of $0.25 by $0.03. General Electric had a net margin of 6.45% and a return on equity of 14.59%. The firm had revenue of $29.56 billion during the quarter, compared to analyst estimates of $29.07 billion. During the same period in the previous year, the business posted $0.51 earnings per share. The business’s revenue for the quarter was down 11.8% on a year-over-year basis. On average, analysts forecast that General Electric will post $1.56 EPS for the current year.
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GE has been the subject of a number of research analyst reports. Vetr lowered shares of General Electric from a “buy” rating to a “hold” rating and set a $28.47 price target for the company. in a research note on Thursday, May 11th. Deutsche Bank AG lowered shares of General Electric from a “hold” rating to a “sell” rating and reduced their price target for the stock from $28.00 to $24.00 in a research note on Friday, May 12th. TheStreet lowered shares of General Electric from a “b-” rating to a “c” rating in a research note on Friday, May 19th. Credit Suisse Group reduced their price target on shares of General Electric from $33.00 to $27.00 and set an “outperform” rating for the company in a research note on Thursday, June 1st. They noted that the move was a valuation call. Finally, Cowen and Company reiterated a “market perform” rating and issued a $30.00 price target on shares of General Electric in a research note on Tuesday, June 13th. Four equities research analysts have rated the stock with a sell rating, eight have given a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. General Electric currently has an average rating of “Hold” and a consensus price target of $30.08.
In other General Electric news, Director James E. Rohr purchased 27,425 shares of the firm’s stock in a transaction that occurred on Monday, July 24th. The shares were bought at an average price of $25.50 per share, with a total value of $699,337.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Vice Chairman Elizabeth J. Comstock sold 24,693 shares of the company’s stock in a transaction on Wednesday, August 9th. The shares were sold at an average price of $25.65, for a total transaction of $633,375.45. Following the sale, the insider now directly owns 175,717 shares in the company, valued at approximately $4,507,141.05. The disclosure for this sale can be found here. Insiders bought 233,253 shares of company stock worth $5,860,264 in the last three months. Insiders own 0.36% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in the stock. Mountain Capital Investment Advisors Inc purchased a new stake in shares of General Electric in the second quarter valued at $341,000. Auxier Asset Management raised its stake in shares of General Electric by 29.5% in the second quarter. Auxier Asset Management now owns 13,168 shares of the conglomerate’s stock valued at $356,000 after acquiring an additional 3,000 shares during the period. Wasatch Advisors Inc. raised its stake in shares of General Electric by 2.8% in the second quarter. Wasatch Advisors Inc. now owns 250,230 shares of the conglomerate’s stock valued at $6,759,000 after acquiring an additional 6,793 shares during the period. Millie Capital Management LLC raised its stake in shares of General Electric by 3.1% in the second quarter. Millie Capital Management LLC now owns 46,974 shares of the conglomerate’s stock valued at $1,269,000 after acquiring an additional 1,400 shares during the period. Finally, Gofen & Glossberg LLC IL raised its stake in shares of General Electric by 2.0% in the second quarter. Gofen & Glossberg LLC IL now owns 1,963,771 shares of the conglomerate’s stock valued at $53,041,000 after acquiring an additional 39,160 shares during the period. 54.78% of the stock is currently owned by institutional investors.
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