Peapack Gladstone Financial Corp Cuts Holdings in General Electric Company (GE)
Peapack Gladstone Financial Corp reduced its stake in shares of General Electric Company (NYSE:GE) by 1.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,227,033 shares of the conglomerate’s stock after selling 19,864 shares during the period. General Electric accounts for approximately 2.3% of Peapack Gladstone Financial Corp’s portfolio, making the stock its 4th biggest holding. Peapack Gladstone Financial Corp’s holdings in General Electric were worth $36,566,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently bought and sold shares of GE. Feltz Wealth PLAN Inc. bought a new position in shares of General Electric in the first quarter worth about $114,000. Cable Hill Partners LLC increased its stake in shares of General Electric by 12.5% in the first quarter. Cable Hill Partners LLC now owns 7,037 shares of the conglomerate’s stock worth $210,000 after purchasing an additional 780 shares during the period. Parametrica Management Ltd bought a new position in shares of General Electric in the first quarter worth about $214,000. Hays Advisory LLC increased its stake in shares of General Electric by 12.2% in the first quarter. Hays Advisory LLC now owns 7,461 shares of the conglomerate’s stock worth $222,000 after purchasing an additional 810 shares during the period. Finally, Portfolio Solutions LLC increased its stake in shares of General Electric by 5.0% in the first quarter. Portfolio Solutions LLC now owns 7,558 shares of the conglomerate’s stock worth $225,000 after purchasing an additional 362 shares during the period. Institutional investors own 54.78% of the company’s stock.
In other news, insider Alexander Dimitrief purchased 1,845 shares of General Electric stock in a transaction that occurred on Monday, July 24th. The shares were acquired at an average price of $25.54 per share, for a total transaction of $47,121.30. Following the transaction, the insider now owns 65,597 shares of the company’s stock, valued at approximately $1,675,347.38. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO John Leonard Flannery purchased 103,983 shares of General Electric stock in a transaction that occurred on Tuesday, August 8th. The shares were purchased at an average price of $25.56 per share, for a total transaction of $2,657,805.48. Following the transaction, the chief executive officer now directly owns 509,430 shares in the company, valued at approximately $13,021,030.80. The disclosure for this purchase can be found here. Insiders have purchased a total of 233,253 shares of company stock worth $5,860,264 in the last quarter. 0.36% of the stock is currently owned by company insiders.
General Electric Company (NYSE GE) traded up 0.57% during midday trading on Wednesday, reaching $24.90. The company’s stock had a trading volume of 13,952,341 shares. The firm has a 50 day moving average price of $25.27 and a 200-day moving average price of $27.88. The firm has a market cap of $215.58 billion, a P/E ratio of 30.33 and a beta of 1.22. General Electric Company has a 52 week low of $24.15 and a 52 week high of $32.38. General Electric also was the target of unusually large options trading activity on Monday. Traders purchased 44,120 call options on the stock. This represents an increase of approximately 206% compared to the average volume of 14,429 call options.
General Electric (NYSE:GE) last posted its quarterly earnings results on Friday, July 21st. The conglomerate reported $0.28 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.25 by $0.03. The business had revenue of $29.56 billion for the quarter, compared to analyst estimates of $29.07 billion. General Electric had a net margin of 6.45% and a return on equity of 14.59%. The firm’s revenue for the quarter was down 11.8% on a year-over-year basis. During the same quarter last year, the business posted $0.51 EPS. On average, analysts forecast that General Electric Company will post $1.56 earnings per share for the current fiscal year.
A number of equities analysts have recently commented on GE shares. UBS AG reiterated a “buy” rating and issued a $31.00 price objective (down from $35.00) on shares of General Electric in a research note on Tuesday, July 25th. Deutsche Bank AG set a $24.00 price objective on General Electric and gave the stock a “sell” rating in a research note on Monday, May 29th. Vetr lowered General Electric from a “buy” rating to a “hold” rating and set a $28.47 price objective on the stock. in a research note on Thursday, May 11th. Goldman Sachs Group, Inc. (The) set a $29.00 price objective on General Electric and gave the stock a “neutral” rating in a research note on Friday, July 7th. Finally, Credit Suisse Group reiterated an “outperform” rating and issued a $33.00 price objective on shares of General Electric in a research note on Saturday, July 22nd. Four equities research analysts have rated the stock with a sell rating, eight have given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $30.08.
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