PL Capital Advisors LLC Invests $1.27 Million in Peapack-Gladstone Financial Corporation $PGC

PL Capital Advisors LLC acquired a new position in shares of Peapack-Gladstone Financial Corporation (NASDAQ:PGC) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 45,500 shares of the financial services provider’s stock, valued at approximately $1,267,000. Peapack-Gladstone Financial comprises approximately 0.4% of PL Capital Advisors LLC’s portfolio, making the stock its 18th biggest holding.

A number of other hedge funds also recently made changes to their positions in PGC. Wellington Management Group LLP raised its position in shares of Peapack-Gladstone Financial by 67.0% during the third quarter. Wellington Management Group LLP now owns 1,138,723 shares of the financial services provider’s stock worth $31,429,000 after acquiring an additional 456,828 shares during the last quarter. Two Sigma Investments LP grew its stake in Peapack-Gladstone Financial by 59.0% during the third quarter. Two Sigma Investments LP now owns 156,903 shares of the financial services provider’s stock worth $4,331,000 after purchasing an additional 58,220 shares during the period. Algert Global LLC grew its stake in Peapack-Gladstone Financial by 111.7% during the third quarter. Algert Global LLC now owns 110,179 shares of the financial services provider’s stock worth $3,041,000 after purchasing an additional 58,135 shares during the period. First Trust Advisors LP grew its stake in Peapack-Gladstone Financial by 418.7% during the third quarter. First Trust Advisors LP now owns 58,926 shares of the financial services provider’s stock worth $1,626,000 after purchasing an additional 47,565 shares during the period. Finally, Oppenheimer & Close LLC acquired a new stake in Peapack-Gladstone Financial during the third quarter worth approximately $1,083,000. 72.75% of the stock is currently owned by institutional investors.

Peapack-Gladstone Financial Stock Performance

Shares of Peapack-Gladstone Financial stock opened at $43.21 on Thursday. Peapack-Gladstone Financial Corporation has a 52 week low of $24.42 and a 52 week high of $44.30. The stock has a 50 day moving average price of $39.16 and a two-hundred day moving average price of $33.31. The stock has a market capitalization of $765.68 million, a PE ratio of 17.42 and a beta of 0.72.

Peapack-Gladstone Financial (NASDAQ:PGC) last announced its quarterly earnings data on Wednesday, April 22nd. The financial services provider reported $0.80 EPS for the quarter, beating analysts’ consensus estimates of $0.66 by $0.14. Peapack-Gladstone Financial had a return on equity of 6.75% and a net margin of 9.60%.The firm had revenue of $82.49 million during the quarter, compared to analysts’ expectations of $79.17 million. Research analysts forecast that Peapack-Gladstone Financial Corporation will post 3.69 EPS for the current year.

Peapack-Gladstone Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 21st. Shareholders of record on Thursday, May 7th were paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date of this dividend was Thursday, May 7th. Peapack-Gladstone Financial’s dividend payout ratio (DPR) is 8.06%.

Analysts Set New Price Targets

Several equities research analysts recently commented on PGC shares. Keefe, Bruyette & Woods raised their target price on Peapack-Gladstone Financial from $35.00 to $40.00 and gave the stock an “outperform” rating in a research note on Monday, February 2nd. Piper Sandler raised their target price on Peapack-Gladstone Financial from $39.00 to $41.00 and gave the stock an “overweight” rating in a research note on Thursday, April 2nd. Finally, Weiss Ratings raised Peapack-Gladstone Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, May 12th. Three investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $40.50.

Peapack-Gladstone Financial Profile

Peapack-Gladstone Financial Corporation is the parent company of Peapack-Gladstone Bank, a New Jersey-chartered commercial bank headquartered in Bedminster, New Jersey, that trades on the NASDAQ under the symbol PGC. Through Peapack-Gladstone Bank, the company offers a broad range of deposit and lending solutions, including checking and savings accounts, residential and commercial real estate loans, lines of credit and treasury management services. Clients benefit from both in-branch relationship banking and an expanding suite of digital banking tools designed to support personal and business financial needs.

Complementing its core banking operations, Peapack-Gladstone Financial provides wealth management, trust and financial planning services through its subsidiary, Peapack-Gladstone Wealth Management.