Citizens Financial Group Inc. RI Cuts Stake in GE Aerospace (NYSE:GE)

Key Points

• Citizens Financial Group Inc. reduced its stake in GE Aerospace by 24.8%, now holding 8,303 shares valued at approximately $1.66 million as of its latest SEC filing.
• Other institutional investors, including Vanguard Group Inc. and Northern Trust Corp, increased their holdings in GE Aerospace, indicating ongoing interest from market players.
• GE Aerospace reported a 24% year-over-year increase in revenue for the quarter, with earnings per share of $1.66, surpassing estimates and demonstrating strong financial performance.

Citizens Financial Group Inc. RI lowered its stake in shares of GE Aerospace (NYSE:GE - Free Report) by 24.8% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,303 shares of the company's stock after selling 2,745 shares during the period. Citizens Financial Group Inc. RI's holdings in GE Aerospace were worth $1,662,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Vanguard Group Inc. raised its holdings in GE Aerospace by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 90,507,442 shares of the company's stock valued at $18,115,065,000 after acquiring an additional 692,124 shares during the last quarter. Northern Trust Corp raised its holdings in GE Aerospace by 5.8% in the 4th quarter. Northern Trust Corp now owns 10,046,867 shares of the company's stock valued at $1,675,717,000 after acquiring an additional 553,104 shares during the last quarter. Canada Pension Plan Investment Board raised its holdings in GE Aerospace by 11.5% in the 4th quarter. Canada Pension Plan Investment Board now owns 7,551,038 shares of the company's stock valued at $1,259,438,000 after acquiring an additional 781,574 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in GE Aerospace by 9.6% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,184,973 shares of the company's stock valued at $1,198,382,000 after acquiring an additional 628,458 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its holdings in GE Aerospace by 3.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 6,828,702 shares of the company's stock valued at $1,366,765,000 after acquiring an additional 211,270 shares during the last quarter. Hedge funds and other institutional investors own 74.77% of the company's stock.

GE Aerospace Stock Performance

Shares of GE stock opened at $271.89 on Friday. The firm's 50 day moving average price is $254.73 and its 200-day moving average price is $220.90. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.73 and a current ratio of 1.04. GE Aerospace has a one year low of $159.36 and a one year high of $277.00. The firm has a market cap of $288.33 billion, a P/E ratio of 37.92, a P/E/G ratio of 2.93 and a beta of 1.44.

GE Aerospace (NYSE:GE - Get Free Report) last issued its quarterly earnings data on Thursday, July 17th. The company reported $1.66 EPS for the quarter, topping the consensus estimate of $1.43 by $0.23. GE Aerospace had a net margin of 18.64% and a return on equity of 31.32%. The firm had revenue of $10.15 billion for the quarter, compared to analyst estimates of $9.49 billion. During the same period in the prior year, the business posted $1.20 EPS. The business's revenue for the quarter was up 21.2% compared to the same quarter last year. As a group, equities research analysts predict that GE Aerospace will post 5.4 EPS for the current year.

GE Aerospace Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 25th. Stockholders of record on Monday, July 7th were issued a $0.36 dividend. This represents a $1.44 annualized dividend and a dividend yield of 0.5%. GE Aerospace's dividend payout ratio is currently 20.08%.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. Wells Fargo & Company increased their price objective on shares of GE Aerospace from $34.00 to $38.00 in a report on Wednesday, July 23rd. Citigroup reiterated a "buy" rating and issued a $296.00 price objective (up previously from $227.00) on shares of GE Aerospace in a report on Monday, July 14th. Wall Street Zen raised shares of GE Aerospace from a "hold" rating to a "buy" rating in a research note on Friday, July 18th. Barclays increased their price target on shares of GE Aerospace from $230.00 to $295.00 and gave the company an "overweight" rating in a research note on Wednesday, July 23rd. Finally, UBS Group increased their price target on shares of GE Aerospace from $300.00 to $321.00 and gave the company a "buy" rating in a research note on Friday, July 18th. One analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $232.92.

About GE Aerospace

GE Aerospace (also known as General Electric) is a company that specializes in providing aerospace products and services. It operates through two reportable segments: Commercial Engines and Services and Defense and Propulsion Technologies. It offers jet and turboprop engines, as well as integrated systems for commercial, military, business, and general aviation aircraft.

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