Sumitomo Mitsui Financial Grp, Inc (NYSE:SMFG) now owns shares worth $11,679,000 in General Electric Company (NYSE:GE) after reducing its stake by 3.4% in the second quarter.

Sumitomo revealed the move in its latest filings with the Securities and Exchange Commission (SEC). The sale of the 3.4% stake represented 13,058 shares sold, leaving the company with a stake of 370,993 shares which is still a significant number of shares in GE. In fact, Sumitomo’s stake in GE represents 1.6% of its entire investment portfolio making it the seventh largest stake that the company has in any firm.

Various major investors have made changes to their positions in the stock portfolio in GE. One such firm was Catamount Wealth Management which increased its stake in GE by 35.3% in the first quarter this year. A few other companies have done the same and this has had a significant effect on the firm. GE had a sell rating which was changed to a hold rating on July 21 with a target price of $31.67 after analysis from various brokerage firms.

Institutional investors now own 55.96% of General Electric. The share price dropped by 3% to $30.11 during the trading session on Friday at a trading volume of 44,619,722 shares. GE’s stake has a 52-week low of $24.26 and a 52-week high of $33. The firm’s market capitalization is $269.82 billion with a price to earnings ratio of 25.45.

GE recently announced a quarterly dividend which is expected to be issued on Tuesday, October 25. There will also be a $0.23 dividend issued on September 19. The annualized dividend for the firm is $0.92 with a 3.6% yield. The company’s payout is 77.97%.

Various research analysts have set their targets on GE stock including Morgan Stanley (NYSE:MS) which has set its target price on the GE stock at $32.00 with a hold rating issued on August 31. JPMorgan Chase & Co also has a similar rating on the company stock with a target price of $34.