Peapack-Gladstone Financial Co. (NASDAQ:PGC) Stake Cut by Truist Financial Corp

Truist Financial Corp reduced its position in Peapack-Gladstone Financial Co. (NASDAQ:PGC) by 22.8% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 12,401 shares of the financial services provider’s stock after selling 3,656 shares during the period. Truist Financial Corp’s holdings in Peapack-Gladstone Financial were worth $336,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Wedge Capital Management L L P NC acquired a new position in Peapack-Gladstone Financial in the 2nd quarter worth about $1,008,000. Creative Planning acquired a new position in shares of Peapack-Gladstone Financial during the 2nd quarter valued at about $258,000. North Reef Capital Management LP increased its holdings in shares of Peapack-Gladstone Financial by 10.6% during the 1st quarter. North Reef Capital Management LP now owns 220,102 shares of the financial services provider’s stock valued at $6,519,000 after acquiring an additional 21,169 shares during the last quarter. Salzhauer Michael increased its holdings in shares of Peapack-Gladstone Financial by 0.8% during the 1st quarter. Salzhauer Michael now owns 191,371 shares of the financial services provider’s stock valued at $5,668,000 after acquiring an additional 1,496 shares during the last quarter. Finally, Strs Ohio increased its holdings in shares of Peapack-Gladstone Financial by 8.2% during the 2nd quarter. Strs Ohio now owns 18,500 shares of the financial services provider’s stock valued at $500,000 after acquiring an additional 1,400 shares during the last quarter. 73.02% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Separately, StockNews.com initiated coverage on Peapack-Gladstone Financial in a report on Thursday, October 5th. They set a “hold” rating on the stock.

Peapack-Gladstone Financial Stock Performance

Shares of NASDAQ PGC opened at $24.54 on Monday. The firm has a market cap of $437.30 million, a price-to-earnings ratio of 7.33 and a beta of 1.03. The business’s 50-day simple moving average is $25.36 and its 200-day simple moving average is $26.89. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.98 and a current ratio of 0.98. Peapack-Gladstone Financial Co. has a 52 week low of $21.58 and a 52 week high of $42.19.

Peapack-Gladstone Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 27th. Shareholders of record on Thursday, November 9th will be issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 0.81%. The ex-dividend date is Wednesday, November 8th. Peapack-Gladstone Financial’s dividend payout ratio (DPR) is currently 5.97%.

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.