Elk River Wealth Management LLC Reduces Stock Position in Peapack-Gladstone Financial Co. (NASDAQ:PGC)

Elk River Wealth Management LLC lessened its holdings in Peapack-Gladstone Financial Co. (NASDAQ:PGC) by 10.3% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 13,900 shares of the financial services provider’s stock after selling 1,600 shares during the quarter. Elk River Wealth Management LLC’s holdings in Peapack-Gladstone Financial were worth $445,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of PGC. Synergy Asset Management LLC grew its holdings in shares of Peapack-Gladstone Financial by 7.9% during the fourth quarter. Synergy Asset Management LLC now owns 349,414 shares of the financial services provider’s stock worth $11,199,000 after purchasing an additional 25,687 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Peapack-Gladstone Financial by 6.0% during the third quarter. JPMorgan Chase & Co. now owns 147,502 shares of the financial services provider’s stock worth $4,043,000 after purchasing an additional 8,393 shares during the last quarter. Algert Global LLC grew its holdings in shares of Peapack-Gladstone Financial by 165.8% during the third quarter. Algert Global LLC now owns 24,558 shares of the financial services provider’s stock worth $673,000 after purchasing an additional 15,320 shares during the last quarter. State Street Corp grew its holdings in shares of Peapack-Gladstone Financial by 2.4% during the third quarter. State Street Corp now owns 524,231 shares of the financial services provider’s stock worth $14,369,000 after purchasing an additional 12,332 shares during the last quarter. Finally, Assenagon Asset Management S.A. purchased a new position in shares of Peapack-Gladstone Financial during the fourth quarter worth about $3,590,000. Hedge funds and other institutional investors own 72.75% of the company’s stock.

Insider Activity at Peapack-Gladstone Financial

In related news, EVP Gregory Martin Smith sold 17,633 shares of the firm’s stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $31.95, for a total value of $563,374.35. Following the completion of the sale, the executive vice president now owns 297 shares in the company, valued at $9,489.15. This trade represents a 98.34 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 7.18% of the stock is owned by insiders.

Peapack-Gladstone Financial Stock Performance

NASDAQ PGC opened at $34.24 on Thursday. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.22. Peapack-Gladstone Financial Co. has a 52-week low of $20.30 and a 52-week high of $37.88. The business’s 50-day moving average price is $32.72 and its 200 day moving average price is $31.18. The firm has a market cap of $601.94 million, a P/E ratio of 18.51 and a beta of 0.99.

Peapack-Gladstone Financial (NASDAQ:PGC) last released its quarterly earnings results on Tuesday, January 28th. The financial services provider reported $0.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.45 by $0.07. Peapack-Gladstone Financial had a return on equity of 5.57% and a net margin of 8.11%. On average, equities research analysts expect that Peapack-Gladstone Financial Co. will post 2.71 earnings per share for the current year.

Peapack-Gladstone Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 21st. Investors of record on Thursday, February 6th will be given a $0.05 dividend. The ex-dividend date of this dividend is Thursday, February 6th. This represents a $0.20 dividend on an annualized basis and a yield of 0.58%. Peapack-Gladstone Financial’s payout ratio is currently 10.81%.

Analyst Upgrades and Downgrades

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

About Peapack-Gladstone Financial

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.