Peapack Gladstone Financial Corp Cuts Position in Peapack-Gladstone Financial Corporation $PGC

Peapack Gladstone Financial Corp cut its stake in Peapack-Gladstone Financial Corporation (NASDAQ:PGC) by 3.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 557,138 shares of the financial services provider’s stock after selling 21,144 shares during the quarter. Peapack Gladstone Financial Corp owned about 3.17% of Peapack-Gladstone Financial worth $15,516,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Peapack-Gladstone Financial by 4.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,939 shares of the financial services provider’s stock valued at $282,000 after acquiring an additional 390 shares during the period. PNC Financial Services Group Inc. grew its stake in Peapack-Gladstone Financial by 0.8% during the 4th quarter. PNC Financial Services Group Inc. now owns 65,766 shares of the financial services provider’s stock worth $1,832,000 after buying an additional 500 shares during the last quarter. Rafferty Asset Management LLC grew its stake in Peapack-Gladstone Financial by 3.3% during the 3rd quarter. Rafferty Asset Management LLC now owns 16,405 shares of the financial services provider’s stock worth $453,000 after buying an additional 526 shares during the last quarter. First Trust Advisors LP grew its stake in Peapack-Gladstone Financial by 7.2% during the 2nd quarter. First Trust Advisors LP now owns 11,361 shares of the financial services provider’s stock worth $321,000 after buying an additional 763 shares during the last quarter. Finally, Aquatic Capital Management LLC grew its stake in Peapack-Gladstone Financial by 23.1% during the 3rd quarter. Aquatic Capital Management LLC now owns 5,240 shares of the financial services provider’s stock worth $145,000 after buying an additional 985 shares during the last quarter. 72.75% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

PGC has been the topic of several research analyst reports. Piper Sandler boosted 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. Keefe, Bruyette & Woods boosted 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. Finally, Weiss Ratings upgraded Peapack-Gladstone Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, May 12th. Three analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $40.50.

Peapack-Gladstone Financial Stock Down 1.0%

Shares of PGC stock opened at $42.81 on Tuesday. The stock has a market cap of $758.51 million, a PE ratio of 17.26 and a beta of 0.72. The business has a 50-day simple moving average of $39.74 and a 200-day simple moving average of $33.67. Peapack-Gladstone Financial Corporation has a 52-week low of $24.42 and a 52-week high of $44.30.

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

Peapack-Gladstone Financial Dividend Announcement

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

Peapack-Gladstone Financial Company 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.