Peapack Gladstone Financial Corp Boosts Stock Holdings in General Electric (NYSE:GE)

Peapack Gladstone Financial Corp lifted its holdings in shares of General Electric (NYSE:GE) by 0.6% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 48,843 shares of the conglomerate’s stock after acquiring an additional 278 shares during the quarter. Peapack Gladstone Financial Corp’s holdings in General Electric were worth $9,211,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently bought and sold shares of GE. Newport Trust Company LLC purchased a new stake in shares of General Electric during the second quarter worth $2,613,332,000. Jennison Associates LLC raised its stake in shares of General Electric by 91.8% during the 3rd quarter. Jennison Associates LLC now owns 7,771,759 shares of the conglomerate’s stock valued at $1,465,598,000 after purchasing an additional 3,719,894 shares during the period. Massachusetts Financial Services Co. MA purchased a new stake in General Electric during the 2nd quarter worth about $580,200,000. International Assets Investment Management LLC boosted its stake in General Electric by 21,069.8% in the 3rd quarter. International Assets Investment Management LLC now owns 3,173,142 shares of the conglomerate’s stock worth $598,391,000 after purchasing an additional 3,158,153 shares during the period. Finally, Wulff Hansen & CO. grew its holdings in General Electric by 18,693.9% during the 2nd quarter. Wulff Hansen & CO. now owns 1,614,022 shares of the conglomerate’s stock valued at $256,581,000 after buying an additional 1,605,434 shares in the last quarter. 74.77% of the stock is owned by institutional investors.

General Electric Stock Performance

Shares of NYSE GE opened at $165.98 on Friday. The stock’s 50-day moving average is $180.30 and its 200 day moving average is $172.42. The stock has a market cap of $179.64 billion, a price-to-earnings ratio of 29.17, a P/E/G ratio of 1.66 and a beta of 1.17. General Electric has a 1-year low of $95.92 and a 1-year high of $194.80. The company has a current ratio of 1.13, a quick ratio of 0.85 and a debt-to-equity ratio of 0.95.

General Electric (NYSE:GE) last posted its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $1.15 EPS for the quarter, topping the consensus estimate of $1.13 by $0.02. General Electric had a net margin of 11.48% and a return on equity of 18.93%. The firm had revenue of $9.84 billion for the quarter, compared to the consensus estimate of $9.02 billion. During the same period last year, the firm posted $0.82 earnings per share. The business’s revenue was up 5.8% compared to the same quarter last year. On average, sell-side analysts anticipate that General Electric will post 4.24 EPS for the current fiscal year.

General Electric Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, January 27th. Shareholders of record on Friday, December 27th will be paid a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 0.67%. General Electric’s dividend payout ratio is presently 19.68%.

Analyst Ratings Changes

A number of equities analysts have recently commented on GE shares. Wells Fargo & Company raised their price objective on shares of General Electric from $210.00 to $225.00 and gave the company an “overweight” rating in a research report on Wednesday. Royal Bank of Canada cut their price target on shares of General Electric from $210.00 to $200.00 and set an “outperform” rating for the company in a report on Wednesday, October 23rd. UBS Group upped their price target on shares of General Electric from $223.00 to $230.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Melius Research lifted their price objective on General Electric from $194.00 to $202.00 in a research note on Tuesday, October 22nd. Finally, Sanford C. Bernstein boosted their target price on General Electric from $201.00 to $225.00 and gave the stock an “outperform” rating in a research report on Monday, October 14th. Two investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $201.93.

Insider Buying and Selling at General Electric

In other news, SVP Russell Stokes sold 15,550 shares of the stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $178.29, for a total transaction of $2,772,409.50. Following the completion of the sale, the senior vice president now owns 148,857 shares of the company’s stock, valued at approximately $26,539,714.53. This represents a 9.46 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Riccardo Procacci sold 7,000 shares of General Electric stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $181.13, for a total transaction of $1,267,910.00. Following the completion of the transaction, the senior vice president now directly owns 13,289 shares in the company, valued at approximately $2,407,036.57. The trade was a 34.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.66% of the company’s stock.

General Electric Profile

General Electric Company, doing business as GE Aerospace, designs and produces commercial and defense aircraft engines, integrated engine components, electric power, and mechanical aircraft systems. It also offers aftermarket services to support its products. The company operates in the United States, Europe, China, Asia, the Americas, the Middle East, and Africa.