Sei Investments Co. Has $1.69 Million Stake in Peapack-Gladstone Financial Corporation $PGC

Sei Investments Co. boosted its holdings in Peapack-Gladstone Financial Corporation (NASDAQ:PGC) by 66.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 48,036 shares of the financial services provider’s stock after purchasing an additional 19,150 shares during the period. Sei Investments Co.’s holdings in Peapack-Gladstone Financial were worth $1,691,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in PGC. Wellington Management Group LLP boosted its stake in shares of Peapack-Gladstone Financial by 67.0% during the 3rd quarter. Wellington Management Group LLP now owns 1,138,723 shares of the financial services provider’s stock worth $31,429,000 after buying an additional 456,828 shares during the last quarter. Russell Investments Group Ltd. increased its position in shares of Peapack-Gladstone Financial by 255.0% in the fourth quarter. Russell Investments Group Ltd. now owns 108,782 shares of the financial services provider’s stock valued at $3,030,000 after acquiring an additional 78,135 shares during the last quarter. Millennium Management LLC increased its position in shares of Peapack-Gladstone Financial by 100.8% in the fourth quarter. Millennium Management LLC now owns 143,306 shares of the financial services provider’s stock valued at $3,991,000 after acquiring an additional 71,932 shares during the last quarter. Adage Capital Partners GP L.L.C. bought a new stake in Peapack-Gladstone Financial during the fourth quarter worth about $1,965,000. Finally, Walleye Capital LLC boosted its position in Peapack-Gladstone Financial by 525.8% during the fourth quarter. Walleye Capital LLC now owns 71,628 shares of the financial services provider’s stock valued at $1,995,000 after purchasing an additional 60,183 shares during the last quarter. 72.75% of the stock is currently owned by institutional investors and hedge funds.

Peapack-Gladstone Financial Price Performance

Shares of PGC opened at $45.15 on Tuesday. The firm has a market capitalization of $800.06 million, a PE ratio of 15.68 and a beta of 0.71. The company’s 50-day moving average is $45.97 and its 200-day moving average is $40.02. Peapack-Gladstone Financial Corporation has a fifty-two week low of $24.71 and a fifty-two week high of $49.14.

Peapack-Gladstone Financial (NASDAQ:PGC) last announced its earnings results on Monday, July 27th. The financial services provider reported $0.85 EPS for the quarter, missing the consensus estimate of $0.88 by ($0.03). The company had revenue of $86.05 million for the quarter, compared to the consensus estimate of $85.17 million. Peapack-Gladstone Financial had a return on equity of 7.91% and a net margin of 11.09%. Analysts predict that Peapack-Gladstone Financial Corporation will post 3.58 earnings per share for the current fiscal year.

Peapack-Gladstone Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 27th. Shareholders of record on Thursday, August 13th will be given a dividend of $0.05 per share. The ex-dividend date is Thursday, August 13th. This represents a $0.20 annualized dividend and a yield of 0.4%. Peapack-Gladstone Financial’s dividend payout ratio (DPR) is 6.94%.

Wall Street Analyst Weigh In

PGC has been the subject of a number of analyst reports. Keefe, Bruyette & Woods restated a “moderate buy” rating and issued a $56.00 price target (up from $55.00) on shares of Peapack-Gladstone Financial in a research note on Monday, August 3rd. Raymond James Financial upped their price objective on Peapack-Gladstone Financial from $49.00 to $55.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, July 1st. Zacks Research cut shares of Peapack-Gladstone Financial from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 29th. Wall Street Zen downgraded shares of Peapack-Gladstone Financial from a “buy” rating to a “hold” rating in a report on Sunday, July 26th. Finally, Piper Sandler upped their price target on shares of Peapack-Gladstone Financial from $54.00 to $58.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 29th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, Peapack-Gladstone Financial presently has a consensus rating of “Buy” and a consensus price target of $56.33.

Insider Transactions at Peapack-Gladstone Financial

In other news, EVP Lisa Chalkan sold 1,100 shares of the business’s stock in a transaction that occurred on Monday, June 29th. The stock was sold at an average price of $47.60, for a total transaction of $52,360.00. Following the completion of the sale, the executive vice president owned 26,075 shares in the company, valued at $1,241,170. The trade was a 4.05% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Anthony W. Spinelli sold 2,000 shares of the company’s stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $44.63, for a total value of $89,260.00. Following the completion of the transaction, the director directly owned 11,742 shares in the company, valued at $524,045.46. The trade was a 14.55% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 8,100 shares of company stock worth $377,170 over the last quarter. Company insiders own 5.75% of the company’s stock.

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.