Peapack Gladstone Financial Corp Has $25.48 Million Holdings in Peapack-Gladstone Financial Co. (NASDAQ:PGC)

Peapack Gladstone Financial Corp cut its position in Peapack-Gladstone Financial Co. (NASDAQ:PGC) by 0.5% during the third quarter, Holdings Channel.com reports. The institutional investor owned 929,672 shares of the financial services provider’s stock after selling 4,815 shares during the quarter. Peapack Gladstone Financial Corp owned 0.05% of Peapack-Gladstone Financial worth $25,482,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in PGC. Point72 Asset Management L.P. raised its stake in shares of Peapack-Gladstone Financial by 157.5% in the third quarter. Point72 Asset Management L.P. now owns 2,400 shares of the financial services provider’s stock worth $66,000 after acquiring an additional 1,468 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Peapack-Gladstone Financial by 68.4% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,324 shares of the financial services provider’s stock worth $75,000 after acquiring an additional 1,350 shares during the last quarter. Algert Global LLC bought a new position in shares of Peapack-Gladstone Financial in the second quarter worth about $209,000. Janus Henderson Group PLC bought a new position in shares of Peapack-Gladstone Financial in the third quarter worth about $211,000. Finally, Sei Investments Co. bought a new position in shares of Peapack-Gladstone Financial in the second quarter worth about $214,000. 72.75% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Peapack-Gladstone Financial

In other Peapack-Gladstone Financial news, EVP John P. Babcock sold 3,000 shares of the company’s stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $32.29, for a total value of $96,870.00. Following the completion of the sale, the executive vice president now owns 49,155 shares of the company’s stock, valued at approximately $1,587,214.95. This represents a 5.75 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 7.63% of the company’s stock.

Peapack-Gladstone Financial Trading Down 2.3 %

PGC opened at $35.59 on Friday. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.97 and a quick ratio of 0.97. The company has a market cap of $625.67 million, a price-to-earnings ratio of 19.66 and a beta of 0.98. The firm has a 50 day simple moving average of $33.59 and a 200 day simple moving average of $27.94. Peapack-Gladstone Financial Co. has a fifty-two week low of $20.30 and a fifty-two week high of $37.88.

Peapack-Gladstone Financial (NASDAQ:PGC) last posted its quarterly earnings results on Tuesday, October 22nd. The financial services provider reported $0.43 earnings per share for the quarter, topping analysts’ consensus estimates of $0.37 by $0.06. The business had revenue of $102.14 million during the quarter, compared to the consensus estimate of $58.24 million. Peapack-Gladstone Financial had a net margin of 8.12% and a return on equity of 5.55%. On average, sell-side analysts anticipate that Peapack-Gladstone Financial Co. will post 1.82 earnings per share for the current year.

Peapack-Gladstone Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Thursday, November 7th were paid a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.56%. The ex-dividend date of this dividend was Thursday, November 7th. Peapack-Gladstone Financial’s dividend payout ratio (DPR) is 11.05%.

Analyst Ratings Changes

A number of brokerages have weighed in on PGC. Keefe, Bruyette & Woods boosted their target price on shares of Peapack-Gladstone Financial from $38.00 to $44.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Piper Sandler raised shares of Peapack-Gladstone Financial from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $30.00 to $35.00 in a research note on Wednesday, October 23rd.

Peapack-Gladstone Financial Company Profile

Peapack-Gladstone Financial Corporation operates as the bank holding company for Peapack-Gladstone Bank that provides private banking and wealth management services in the United States. The company operates in two segments, Banking and Peapack Private. It offers checking and savings accounts, money market and interest-bearing checking accounts, certificates of deposit, and individual retirement accounts.