Federated Hermes Inc. Sells 908 Shares of Peapack-Gladstone Financial Co. (NASDAQ:PGC)

Federated Hermes Inc. lessened its holdings in Peapack-Gladstone Financial Co. (NASDAQ:PGC) by 1.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 51,551 shares of the financial services provider’s stock after selling 908 shares during the quarter. Federated Hermes Inc.’s holdings in Peapack-Gladstone Financial were worth $1,537,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in Peapack-Gladstone Financial by 1.3% in the 3rd quarter. Vanguard Group Inc. now owns 876,954 shares of the financial services provider’s stock valued at $22,494,000 after acquiring an additional 11,345 shares during the period. Wellington Management Group LLP grew its stake in shares of Peapack-Gladstone Financial by 22.6% in the third quarter. Wellington Management Group LLP now owns 540,095 shares of the financial services provider’s stock worth $13,853,000 after purchasing an additional 99,700 shares during the last quarter. Brown Advisory Inc. increased its holdings in Peapack-Gladstone Financial by 4.1% in the third quarter. Brown Advisory Inc. now owns 531,705 shares of the financial services provider’s stock valued at $13,638,000 after purchasing an additional 20,747 shares during the period. North Reef Capital Management LP raised its position in Peapack-Gladstone Financial by 77.1% during the 3rd quarter. North Reef Capital Management LP now owns 500,000 shares of the financial services provider’s stock worth $12,825,000 after purchasing an additional 217,646 shares during the last quarter. Finally, Kennedy Capital Management LLC lifted its holdings in Peapack-Gladstone Financial by 31.3% during the 3rd quarter. Kennedy Capital Management LLC now owns 299,024 shares of the financial services provider’s stock worth $7,670,000 after buying an additional 71,252 shares during the period. 72.75% of the stock is currently owned by institutional investors and hedge funds.

Peapack-Gladstone Financial Stock Performance

Shares of Peapack-Gladstone Financial stock opened at $22.89 on Tuesday. The business has a 50-day moving average price of $23.61 and a two-hundred day moving average price of $25.51. Peapack-Gladstone Financial Co. has a 1-year low of $21.58 and a 1-year high of $31.49. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.23. The company has a market cap of $406.34 million, a P/E ratio of 10.50 and a beta of 0.99.

Peapack-Gladstone Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 23rd. Investors of record on Thursday, May 9th will be paid a dividend of $0.05 per share. The ex-dividend date is Wednesday, May 8th. This represents a $0.20 annualized dividend and a yield of 0.87%. Peapack-Gladstone Financial’s dividend payout ratio is currently 9.17%.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on PGC shares. Piper Sandler cut Peapack-Gladstone Financial from an “overweight” rating to a “neutral” rating in a research note on Wednesday, April 24th. TheStreet downgraded shares of Peapack-Gladstone Financial from a “b-” rating to a “c+” rating in a research report on Friday, February 23rd. Finally, Keefe, Bruyette & Woods lowered their price target on shares of Peapack-Gladstone Financial from $33.50 to $30.50 and set an “outperform” rating for the company in a report on Friday, April 5th.

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.