Peapack Gladstone Financial Corp Sells 434 Shares of Elevance Health, Inc. (NYSE:ELV)

Peapack Gladstone Financial Corp cut its stake in Elevance Health, Inc. (NYSE:ELV) by 4.3% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 9,687 shares of the company’s stock after selling 434 shares during the quarter. Peapack Gladstone Financial Corp’s holdings in Elevance Health were worth $5,037,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of ELV. Raelipskie Partnership bought a new position in Elevance Health in the third quarter worth $26,000. PSI Advisors LLC bought a new position in shares of Elevance Health in the 3rd quarter worth about $27,000. Strategic Financial Concepts LLC purchased a new position in Elevance Health during the 2nd quarter valued at about $30,000. Eastern Bank purchased a new position in Elevance Health during the 3rd quarter valued at about $31,000. Finally, Dunhill Financial LLC boosted its stake in Elevance Health by 57.8% during the third quarter. Dunhill Financial LLC now owns 71 shares of the company’s stock worth $37,000 after acquiring an additional 26 shares in the last quarter. 89.24% of the stock is owned by hedge funds and other institutional investors.

Elevance Health Stock Up 0.8 %

Shares of Elevance Health stock opened at $381.41 on Friday. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 0.56. Elevance Health, Inc. has a twelve month low of $375.29 and a twelve month high of $567.26. The company has a market cap of $88.46 billion, a price-to-earnings ratio of 13.90, a price-to-earnings-growth ratio of 1.15 and a beta of 0.83. The company’s 50 day moving average is $422.32 and its 200 day moving average is $494.26.

Elevance Health (NYSE:ELV) last released its quarterly earnings results on Thursday, October 17th. The company reported $8.37 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $9.66 by ($1.29). The firm had revenue of $44.72 billion during the quarter, compared to analysts’ expectations of $43.47 billion. Elevance Health had a return on equity of 19.56% and a net margin of 3.68%. The business’s quarterly revenue was up 5.3% on a year-over-year basis. During the same quarter last year, the business earned $8.99 earnings per share. Research analysts anticipate that Elevance Health, Inc. will post 32.96 EPS for the current year.

Elevance Health Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Thursday, December 5th will be given a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a dividend yield of 1.71%. The ex-dividend date of this dividend is Thursday, December 5th. Elevance Health’s payout ratio is currently 23.77%.

Insider Buying and Selling

In related news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of Elevance Health stock in a transaction on Friday, October 18th. The stock was sold at an average price of $432.14, for a total transaction of $3,205,182.38. Following the transaction, the executive vice president now directly owns 8,423 shares in the company, valued at approximately $3,639,915.22. The trade was a 46.82 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.35% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research firms have recently issued reports on ELV. Morgan Stanley lowered their target price on shares of Elevance Health from $643.00 to $551.00 and set an “overweight” rating for the company in a report on Wednesday, October 23rd. Stephens reiterated an “underperform” rating on shares of Elevance Health in a research note on Friday, October 18th. Wells Fargo & Company dropped their target price on Elevance Health from $593.00 to $495.00 and set an “overweight” rating on the stock in a report on Monday, November 4th. Argus downgraded Elevance Health from a “buy” rating to a “hold” rating in a report on Friday, October 18th. Finally, Royal Bank of Canada dropped their price target on shares of Elevance Health from $585.00 to $478.00 and set an “outperform” rating on the stock in a research note on Friday, October 18th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $539.20.

Elevance Health Company Profile

Elevance Health, Inc, together with its subsidiaries, operates as a health benefits company in the United States. The company operates through four segments: Health Benefits, CarelonRx, Carelon Services, and Corporate & Other. It offers a variety of health plans and services to program members; health products; an array of fee-based administrative managed care services; and specialty and other insurance products and services, such as stop loss, dental, vision, life, disability, and supplemental health insurance benefits.