SouthState Corp Purchases 1,020 Shares of GE Aerospace (NYSE:GE)

Key Points

• SouthState Corp increased its stake in GE Aerospace by 119.3% in the first quarter, owning a total of 1,875 shares worth $375,000.
• GE Aerospace reported $1.66 earnings per share for the last quarter, beating analysts' consensus estimates and showing a significant 21.2% revenue growth year-over-year.
• Several brokerages have raised their price targets for GE Aerospace, with Barclays increasing it to $295.00 and UBS raising it to $321.00, indicating strong buy sentiments for the stock.

SouthState Corp grew its stake in GE Aerospace (NYSE:GE - Free Report) by 119.3% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,875 shares of the company's stock after buying an additional 1,020 shares during the period. SouthState Corp's holdings in GE Aerospace were worth $375,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of GE. IMA Advisory Services Inc. acquired a new stake in GE Aerospace in the 1st quarter valued at about $28,000. Copia Wealth Management boosted its position in shares of GE Aerospace by 14,200.0% in the first quarter. Copia Wealth Management now owns 143 shares of the company's stock worth $29,000 after acquiring an additional 142 shares during the last quarter. O Brien Wealth Partners LLC purchased a new position in GE Aerospace in the first quarter valued at approximately $33,000. First Pacific Financial raised its holdings in GE Aerospace by 46.0% in the first quarter. First Pacific Financial now owns 165 shares of the company's stock valued at $33,000 after buying an additional 52 shares during the period. Finally, POM Investment Strategies LLC raised its holdings in GE Aerospace by 1,078.6% in the first quarter. POM Investment Strategies LLC now owns 165 shares of the company's stock valued at $33,000 after buying an additional 151 shares during the period. Institutional investors and hedge funds own 74.77% of the company's stock.

GE Aerospace Stock Performance

Shares of GE stock traded down $1.57 during trading on Friday, reaching $268.14. 2,324,657 shares of the company's stock were exchanged, compared to its average volume of 6,058,863. The company has a quick ratio of 0.73, a current ratio of 1.04 and a debt-to-equity ratio of 0.88. The firm's fifty day moving average price is $257.20 and its 200-day moving average price is $223.67. GE Aerospace has a twelve month low of $159.36 and a twelve month high of $281.50. The stock has a market capitalization of $284.34 billion, a PE ratio of 37.40, a PEG ratio of 2.89 and a beta of 1.44.

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

GE Aerospace Announces Dividend

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

Analysts Set New Price Targets

GE has been the subject of a number of recent analyst reports. Citigroup reissued a "buy" rating and set a $296.00 price target (up previously from $227.00) on shares of GE Aerospace in a research report on Monday, July 14th. Wall Street Zen upgraded shares of GE Aerospace from a "hold" rating to a "buy" rating in a research report on Friday, July 18th. UBS Group boosted their price objective on GE Aerospace from $300.00 to $321.00 and gave the stock a "buy" rating in a report on Friday, July 18th. Northcoast Research cut GE Aerospace from a "buy" rating to a "neutral" rating in a research note on Monday, May 19th. Finally, Royal Bank Of Canada boosted their target price on GE Aerospace from $275.00 to $300.00 and gave the stock an "outperform" rating in a report on Friday, July 18th. One analyst has rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, GE Aerospace currently has a consensus rating of "Moderate Buy" and a consensus price target of $232.92.

GE Aerospace Profile

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.