Boston Partners Grows Position in Peapack-Gladstone Financial Co. (NASDAQ:PGC)

Boston Partners raised its holdings in shares of Peapack-Gladstone Financial Co. (NASDAQ:PGC) by 1.6% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 762,659 shares of the financial services provider’s stock after acquiring an additional 12,226 shares during the quarter. Boston Partners owned approximately 4.29% of Peapack-Gladstone Financial worth $18,339,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the company. Quest Partners LLC purchased a new stake in Peapack-Gladstone Financial during the fourth quarter worth $77,000. Denali Advisors LLC acquired a new stake in Peapack-Gladstone Financial in the 1st quarter valued at about $204,000. BNP Paribas Financial Markets increased its holdings in shares of Peapack-Gladstone Financial by 90.4% during the 1st quarter. BNP Paribas Financial Markets now owns 8,399 shares of the financial services provider’s stock worth $204,000 after buying an additional 3,987 shares during the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of Peapack-Gladstone Financial by 5.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 11,423 shares of the financial services provider’s stock worth $278,000 after buying an additional 628 shares during the last quarter. Finally, SG Americas Securities LLC increased its holdings in Peapack-Gladstone Financial by 31.5% in the 4th quarter. SG Americas Securities LLC now owns 11,558 shares of the financial services provider’s stock valued at $345,000 after purchasing an additional 2,768 shares during the last quarter. 72.75% of the stock is owned by institutional investors.

Insider Transactions at Peapack-Gladstone Financial

In related news, EVP Stuart M. Vorcheimer sold 4,608 shares of the business’s stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $24.09, for a total transaction of $111,006.72. Following the sale, the executive vice president now owns 2,205 shares of the company’s stock, valued at $53,118.45. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 7.63% of the company’s stock.

Peapack-Gladstone Financial Stock Down 1.8 %

NASDAQ:PGC traded down $0.48 during midday trading on Friday, hitting $25.96. 108,205 shares of the company were exchanged, compared to its average volume of 111,421. The company has a fifty day simple moving average of $23.31 and a 200 day simple moving average of $23.97. Peapack-Gladstone Financial Co. has a fifty-two week low of $20.30 and a fifty-two week high of $30.68. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.23. The company has a market capitalization of $461.21 million, a PE ratio of 11.91 and a beta of 0.99.

Peapack-Gladstone Financial (NASDAQ:PGC) last posted its quarterly earnings data on Tuesday, July 23rd. The financial services provider reported $0.42 EPS for the quarter, meeting analysts’ consensus estimates of $0.42. The company had revenue of $100.79 million for the quarter, compared to analyst estimates of $56.80 million. Peapack-Gladstone Financial had a net margin of 8.50% and a return on equity of 5.94%. As a group, equities analysts anticipate that Peapack-Gladstone Financial Co. will post 1.68 earnings per share for the current fiscal year.

Peapack-Gladstone Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 22nd. Stockholders of record on Thursday, August 8th will be paid a dividend of $0.05 per share. The ex-dividend date is Thursday, August 8th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.77%. Peapack-Gladstone Financial’s dividend payout ratio (DPR) is 9.17%.

Analysts Set New Price Targets

Several brokerages have commented on PGC. Piper Sandler cut shares of Peapack-Gladstone Financial from an “overweight” rating to a “neutral” rating in a research report on Wednesday, April 24th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $32.00 price objective (up from $28.00) on shares of Peapack-Gladstone Financial in a research report on Monday, July 29th.

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.