Added information about Bank of America holdings.
NEW YORK (TheStreet)--General Electric (GE) has reduced its stock holdings in Bank of America (BAC), Citigroup (C), JPMorgan Chase (C)and Goldman Sachs (GS), among other financial stocks in the third quarter, according to a regulatory filing released Thursday.
General Electric sold 786,000 shares of JPMorgan to cut its position to 11.24 million shares, worth $338.464 million. It unloaded just over 436,000 shares of Citigroup, bringing its stake down to 883,440 shares, worth $22.63 million. Its stake in Goldman was reduced by 83,770 shares to 2.52 million, worth just over $238 million. Its Bank of America stake fell by 1.51 million shares to 14.70 million shares, worth nearly $90 million.
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| Jeff Immelt, CEO of General Electric |
General Electric's exposure to financial stocks fell by 1.9% during the quarter, more than any other sector. Among companies where the conglomerate increased its stake were Discover Financial Services (DFS), Comerica (CMA) and Regions Financial (RF).
Overall, General Electric dropped its stake in shares of 31 financial stocks, while upping its stake in 27. It took new stakes in three financial companies, sold out of four, and left 18 positions unchanged. --Written by Dan Freed in New York. Follow me on twitter.Select the service that is right for you!
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