AlphaQuest LLC Boosts Stake in Peapack-Gladstone Financial Corporation $PGC

AlphaQuest LLC grew its position in shares of Peapack-Gladstone Financial Corporation (NASDAQ:PGC) by 328.7% during the second quarter, according to its most recent filing with the SEC. The firm owned 11,580 shares of the financial services provider’s stock after acquiring an additional 8,879 shares during the period. AlphaQuest LLC’s holdings in Peapack-Gladstone Financial were worth $327,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in PGC. Brown Advisory Inc. grew its holdings in shares of Peapack-Gladstone Financial by 19.7% during the 1st quarter. Brown Advisory Inc. now owns 592,666 shares of the financial services provider’s stock worth $16,832,000 after acquiring an additional 97,349 shares during the period. Philadelphia Trust Co. grew its holdings in shares of Peapack-Gladstone Financial by 14.0% during the 1st quarter. Philadelphia Trust Co. now owns 372,560 shares of the financial services provider’s stock worth $10,581,000 after acquiring an additional 45,825 shares during the period. Nuveen LLC purchased a new position in shares of Peapack-Gladstone Financial during the 1st quarter worth approximately $983,000. Jane Street Group LLC grew its holdings in shares of Peapack-Gladstone Financial by 119.7% during the 1st quarter. Jane Street Group LLC now owns 52,173 shares of the financial services provider’s stock worth $1,482,000 after acquiring an additional 28,428 shares during the period. Finally, CW Advisors LLC purchased a new position in shares of Peapack-Gladstone Financial during the 1st quarter worth approximately $639,000. Hedge funds and other institutional investors own 72.75% of the company’s stock.

Peapack-Gladstone Financial Stock Performance

Shares of PGC opened at $25.50 on Friday. The business’s fifty day simple moving average is $28.10 and its two-hundred day simple moving average is $27.77. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.16. Peapack-Gladstone Financial Corporation has a 12 month low of $23.96 and a 12 month high of $37.88. The company has a market cap of $450.08 million, a price-to-earnings ratio of 13.93 and a beta of 0.88.

Peapack-Gladstone Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 28th. Shareholders of record on Thursday, November 6th will be paid a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 0.8%. The ex-dividend date is Thursday, November 6th. Peapack-Gladstone Financial’s dividend payout ratio (DPR) is currently 10.93%.

Insider Buying and Selling at Peapack-Gladstone Financial

In other Peapack-Gladstone Financial news, EVP Lisa Chalkan sold 2,500 shares of the stock in a transaction on Thursday, September 18th. The stock was sold at an average price of $29.65, for a total transaction of $74,125.00. Following the sale, the executive vice president directly owned 23,602 shares in the company, valued at approximately $699,799.30. This trade represents a 9.58% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Gregory Martin Smith sold 3,200 shares of the stock in a transaction on Monday, September 15th. The shares were sold at an average price of $29.15, for a total value of $93,280.00. Following the sale, the executive vice president owned 5,427 shares in the company, valued at approximately $158,197.05. This represents a 37.09% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 5,702 shares of company stock worth $167,461. Company insiders own 7.63% of the company’s stock.

Analyst Upgrades and Downgrades

PGC has been the topic of a number of research analyst reports. Weiss Ratings reiterated a “hold (c)” rating on shares of Peapack-Gladstone Financial in a report on Wednesday, October 8th. Wall Street Zen upgraded Peapack-Gladstone Financial from a “sell” rating to a “hold” rating in a research note on Friday, September 5th. Keefe, Bruyette & Woods cut their price target on Peapack-Gladstone Financial from $38.00 to $35.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 23rd. Finally, Zacks Research upgraded Peapack-Gladstone Financial from a “strong sell” rating to a “hold” rating in a research note on Friday, October 17th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $37.00.

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.