Peapack-Gladstone Financial Co. (NASDAQ:PGC) Shares Sold by Bank of America Corp DE

Bank of America Corp DE reduced its position in Peapack-Gladstone Financial Co. (NASDAQ:PGC) by 5.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 26,317 shares of the financial services provider’s stock after selling 1,548 shares during the quarter. Bank of America Corp DE owned approximately 0.15% of Peapack-Gladstone Financial worth $843,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Dimensional Fund Advisors LP raised its holdings in Peapack-Gladstone Financial by 0.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,117,333 shares of the financial services provider’s stock valued at $35,811,000 after acquiring an additional 10,221 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Peapack-Gladstone Financial by 7.2% during the 4th quarter. Vanguard Group Inc. now owns 937,205 shares of the financial services provider’s stock worth $30,037,000 after purchasing an additional 62,803 shares during the last quarter. Boston Partners grew its stake in shares of Peapack-Gladstone Financial by 2.3% during the fourth quarter. Boston Partners now owns 781,826 shares of the financial services provider’s stock worth $25,046,000 after purchasing an additional 17,220 shares in the last quarter. Wellington Management Group LLP raised its stake in Peapack-Gladstone Financial by 3.6% in the fourth quarter. Wellington Management Group LLP now owns 654,450 shares of the financial services provider’s stock valued at $20,975,000 after buying an additional 22,805 shares in the last quarter. Finally, American Century Companies Inc. lifted its holdings in Peapack-Gladstone Financial by 11.6% during the 4th quarter. American Century Companies Inc. now owns 339,148 shares of the financial services provider’s stock worth $10,870,000 after buying an additional 35,159 shares during the last quarter. 72.75% of the stock is currently owned by hedge funds and other institutional investors.

Peapack-Gladstone Financial Price Performance

PGC stock opened at $27.87 on Monday. 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 company has a market capitalization of $494.30 million, a P/E ratio of 15.06 and a beta of 0.86. The business has a 50 day simple moving average of $27.30 and a 200-day simple moving average of $30.65. Peapack-Gladstone Financial Co. has a twelve month low of $20.55 and a twelve month high of $37.88.

Peapack-Gladstone Financial (NASDAQ:PGC) last issued its quarterly earnings data on Tuesday, April 22nd. The financial services provider reported $0.43 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.51 by ($0.08). Peapack-Gladstone Financial had a return on equity of 5.57% and a net margin of 8.11%. The business had revenue of $64.36 million for the quarter, compared to analysts’ expectations of $64.07 million. As a group, equities analysts anticipate that Peapack-Gladstone Financial Co. will post 2.71 EPS for the current year.

Peapack-Gladstone Financial Dividend Announcement

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 dividend on an annualized basis and a yield of 0.72%. Peapack-Gladstone Financial’s payout ratio is 11.11%.

Insiders Place Their Bets

In other news, EVP John P. Babcock sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 19th. The stock was sold at an average price of $28.76, for a total value of $287,600.00. Following the completion of the sale, the executive vice president now directly owns 39,155 shares of the company’s stock, valued at $1,126,097.80. This trade represents a 20.34% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Douglas L. Kennedy sold 20,000 shares of the company’s stock in a transaction on Monday, March 17th. The stock was sold at an average price of $28.91, for a total value of $578,200.00. Following the transaction, the chief executive officer now directly owns 43,703 shares in the company, valued at $1,263,453.73. This represents a 31.40% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 40,000 shares of company stock valued at $1,152,650. 7.63% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research firms recently weighed in on PGC. Wall Street Zen upgraded Peapack-Gladstone Financial from a “sell” rating to a “hold” rating in a research note on Saturday. Keefe, Bruyette & Woods cut their price target on shares of Peapack-Gladstone Financial from $40.00 to $38.00 and set an “outperform” rating on the stock in a research note on Thursday, April 24th. Finally, Raymond James assumed coverage on shares of Peapack-Gladstone Financial in a research note on Friday, April 11th. They issued a “strong-buy” rating and a $39.00 price objective for the company.

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.