Peapack-Gladstone Financial Co. (NASDAQ:PGC) Shares Sold by Millennium Management LLC

Millennium Management LLC trimmed its position in Peapack-Gladstone Financial Co. (NASDAQ:PGC) by 1.8% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 44,828 shares of the financial services provider’s stock after selling 802 shares during the period. Millennium Management LLC owned approximately 0.25% of Peapack-Gladstone Financial worth $1,437,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Empowered Funds LLC increased its stake in Peapack-Gladstone Financial by 4.9% in the 4th quarter. Empowered Funds LLC now owns 51,121 shares of the financial services provider’s stock valued at $1,638,000 after buying an additional 2,411 shares during the period. Delta Financial Group Inc. acquired a new position in Peapack-Gladstone Financial during the fourth quarter worth $353,000. Proficio Capital Partners LLC acquired a new position in Peapack-Gladstone Financial during the fourth quarter worth $532,000. Charles Schwab Investment Management Inc. increased its stake in shares of Peapack-Gladstone Financial by 0.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 129,982 shares of the financial services provider’s stock worth $4,166,000 after purchasing an additional 895 shares during the period. Finally, Victory Capital Management Inc. increased its stake in shares of Peapack-Gladstone Financial by 1.6% in the fourth quarter. Victory Capital Management Inc. now owns 35,567 shares of the financial services provider’s stock worth $1,140,000 after purchasing an additional 567 shares during the period. 72.75% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Peapack-Gladstone Financial

In other news, Director F Duffield Meyercord acquired 6,316 shares of the firm’s stock in a transaction that occurred on Monday, March 31st. The shares were acquired at an average cost of $28.44 per share, with a total value of $179,627.04. Following the completion of the purchase, the director now directly owns 140,372 shares of the company’s stock, valued at $3,992,179.68. The trade was a 4.71% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Douglas L. Kennedy sold 20,000 shares of Peapack-Gladstone Financial stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $28.91, for a total transaction of $578,200.00. Following the completion of the transaction, the chief executive officer now directly owns 43,703 shares in the company, valued at $1,263,453.73. This trade represents a 31.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 40,000 shares of company stock valued at $1,152,650. 7.63% of the stock is currently owned by company insiders.

Peapack-Gladstone Financial Price Performance

Shares of NASDAQ PGC opened at $27.86 on Wednesday. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.22. The firm has a market cap of $494.12 million, a PE ratio of 15.06 and a beta of 0.87. Peapack-Gladstone Financial Co. has a 1-year low of $20.30 and a 1-year high of $37.88. The company has a fifty day moving average price of $27.36 and a 200 day moving average price of $30.88.

Peapack-Gladstone Financial (NASDAQ:PGC) last posted its earnings results on Tuesday, April 22nd. The financial services provider reported $0.43 earnings per share for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.08). The business had revenue of $64.36 million for the quarter, compared to analyst estimates of $64.07 million. Peapack-Gladstone Financial had a return on equity of 5.57% and a net margin of 8.11%. Research analysts predict that Peapack-Gladstone Financial Co. will post 2.71 earnings per share for the current fiscal year.

Peapack-Gladstone Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 22nd. Shareholders of record on Thursday, May 8th were given a dividend of $0.05 per share. The ex-dividend date was Thursday, May 8th. This represents a $0.20 annualized dividend and a yield of 0.72%. Peapack-Gladstone Financial’s dividend payout ratio (DPR) is presently 11.11%.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. Raymond James assumed coverage on Peapack-Gladstone Financial in a research report on Friday, April 11th. They set a “strong-buy” rating and a $39.00 target price on the stock. Keefe, Bruyette & Woods decreased their price objective on Peapack-Gladstone Financial from $40.00 to $38.00 and set an “outperform” rating on the stock in a report on Thursday, April 24th. Finally, Wall Street Zen raised Peapack-Gladstone Financial from a “sell” rating to a “hold” rating in a report on Friday, May 30th.

Peapack-Gladstone Financial 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.