Hotchkis & Wiley Capital Management LLC Sells 28,180 Shares of Peapack-Gladstone Financial Co. (NASDAQ:PGC)

Hotchkis & Wiley Capital Management LLC reduced its stake in Peapack-Gladstone Financial Co. (NASDAQ:PGC) by 10.1% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 249,840 shares of the financial services provider’s stock after selling 28,180 shares during the quarter. Hotchkis & Wiley Capital Management LLC owned approximately 1.42% of Peapack-Gladstone Financial worth $6,848,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the stock. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Peapack-Gladstone Financial by 108.4% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 26,195 shares of the financial services provider’s stock worth $718,000 after purchasing an additional 13,623 shares during the period. FMR LLC raised its holdings in Peapack-Gladstone Financial by 27.1% during the third quarter. FMR LLC now owns 28,358 shares of the financial services provider’s stock valued at $777,000 after acquiring an additional 6,054 shares during the period. Algert Global LLC raised its holdings in Peapack-Gladstone Financial by 165.8% during the third quarter. Algert Global LLC now owns 24,558 shares of the financial services provider’s stock valued at $673,000 after acquiring an additional 15,320 shares during the period. Empowered Funds LLC raised its holdings in Peapack-Gladstone Financial by 5.2% during the third quarter. Empowered Funds LLC now owns 48,710 shares of the financial services provider’s stock valued at $1,335,000 after acquiring an additional 2,412 shares during the period. Finally, Victory Capital Management Inc. bought a new stake in Peapack-Gladstone Financial during the third quarter valued at about $959,000. 72.75% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Keefe, Bruyette & Woods raised their price target on Peapack-Gladstone Financial from $38.00 to $44.00 and gave the company an “outperform” rating in a report on Wednesday. Piper Sandler raised Peapack-Gladstone Financial from a “neutral” rating to an “overweight” rating and raised their price target for the company from $30.00 to $35.00 in a report on Wednesday, October 23rd.

Insider Activity

In related news, EVP John P. Babcock sold 3,000 shares of Peapack-Gladstone Financial stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $32.29, for a total value of $96,870.00. Following the completion of the transaction, the executive vice president now owns 49,155 shares in the company, valued at approximately $1,587,214.95. This trade represents a 5.75 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 7.63% of the company’s stock.

Peapack-Gladstone Financial Trading Down 0.6 %

Shares of Peapack-Gladstone Financial stock opened at $36.39 on Friday. The firm has a market cap of $639.74 million, a price-to-earnings ratio of 20.10 and a beta of 0.98. The business has a 50-day moving average price of $32.67 and a 200-day moving average price of $27.50. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.22. Peapack-Gladstone Financial Co. has a twelve month low of $20.30 and a twelve month high of $37.88.

Peapack-Gladstone Financial (NASDAQ:PGC) last issued its quarterly earnings data on Tuesday, October 22nd. The financial services provider reported $0.43 earnings per share for the quarter, beating analysts’ consensus estimates of $0.37 by $0.06. The firm had revenue of $102.14 million during the quarter, compared to analyst estimates of $58.24 million. Peapack-Gladstone Financial had a return on equity of 5.55% and a net margin of 8.12%. Equities research analysts anticipate that Peapack-Gladstone Financial Co. will post 1.82 EPS for the current fiscal year.

Peapack-Gladstone Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Thursday, November 7th were given a dividend of $0.05 per share. The ex-dividend date of this dividend was Thursday, November 7th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.55%. Peapack-Gladstone Financial’s payout ratio is 11.05%.

About Peapack-Gladstone Financial

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.