Peapack Gladstone Financial Corp Sells 4,815 Shares of Peapack-Gladstone Financial Co. (NASDAQ:PGC)

Peapack Gladstone Financial Corp lessened its position in Peapack-Gladstone Financial Co. (NASDAQ:PGC) by 0.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 929,672 shares of the financial services provider’s stock after selling 4,815 shares during the quarter. Peapack Gladstone Financial Corp owned about 5.29% of Peapack-Gladstone Financial worth $25,482,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Algert Global LLC raised its holdings in Peapack-Gladstone Financial by 165.8% in the 3rd quarter. Algert Global LLC now owns 24,558 shares of the financial services provider’s stock worth $673,000 after acquiring an additional 15,320 shares during the period. AQR Capital Management LLC increased its holdings in shares of Peapack-Gladstone Financial by 45.6% during the 2nd quarter. AQR Capital Management LLC now owns 95,930 shares of the financial services provider’s stock worth $2,173,000 after purchasing an additional 30,031 shares during the period. Sei Investments Co. bought a new position in shares of Peapack-Gladstone Financial during the 2nd quarter worth about $214,000. Acadian Asset Management LLC bought a new position in shares of Peapack-Gladstone Financial during the 2nd quarter worth about $1,444,000. Finally, Price T Rowe Associates Inc. MD increased its holdings in shares of Peapack-Gladstone Financial by 5.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 11,423 shares of the financial services provider’s stock worth $278,000 after purchasing an additional 628 shares during the period. Institutional investors own 72.75% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on PGC shares. Piper Sandler upgraded shares of Peapack-Gladstone Financial from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $30.00 to $35.00 in a report on Wednesday, October 23rd. Keefe, Bruyette & Woods boosted their price objective on shares of Peapack-Gladstone Financial from $38.00 to $44.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th.

Insider Activity

In other Peapack-Gladstone Financial news, EVP John P. Babcock sold 3,000 shares of the business’s stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $32.29, for a total value of $96,870.00. Following the transaction, the executive vice president now directly owns 49,155 shares in the company, valued at $1,587,214.95. The trade was a 5.75 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 7.63% of the stock is owned by company insiders.

Peapack-Gladstone Financial Price Performance

Shares of Peapack-Gladstone Financial stock opened at $35.59 on Friday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.97 and a current ratio of 0.97. The firm’s 50-day simple moving average is $33.59 and its 200-day simple moving average is $27.94. Peapack-Gladstone Financial Co. has a twelve month low of $20.30 and a twelve month high of $37.88. The firm has a market cap of $625.67 million, a P/E ratio of 19.66 and a beta of 0.98.

Peapack-Gladstone Financial (NASDAQ:PGC) last issued its earnings results on Tuesday, October 22nd. The financial services provider reported $0.43 earnings per share for the quarter, beating the consensus estimate of $0.37 by $0.06. Peapack-Gladstone Financial had a net margin of 8.12% and a return on equity of 5.55%. The business had revenue of $102.14 million for the quarter, compared to analyst estimates of $58.24 million. As a group, research analysts expect that Peapack-Gladstone Financial Co. will post 1.82 EPS for the current fiscal year.

Peapack-Gladstone Financial Announces Dividend

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

Peapack-Gladstone Financial 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.