Peapack-Gladstone Financial Corporation (NASDAQ:PGC) Shares Bought by GAMMA Investing LLC

GAMMA Investing LLC boosted its holdings in shares of Peapack-Gladstone Financial Corporation (NASDAQ:PGC) by 6,579.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 14,427 shares of the financial services provider’s stock after acquiring an additional 14,211 shares during the quarter. GAMMA Investing LLC owned about 0.08% of Peapack-Gladstone Financial worth $410,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Aquatic Capital Management LLC acquired a new stake in shares of Peapack-Gladstone Financial in the fourth quarter valued at $32,000. KLP Kapitalforvaltning AS acquired a new stake in shares of Peapack-Gladstone Financial in the fourth quarter valued at $112,000. Quantbot Technologies LP grew its stake in shares of Peapack-Gladstone Financial by 507.2% in the fourth quarter. Quantbot Technologies LP now owns 5,902 shares of the financial services provider’s stock valued at $189,000 after buying an additional 4,930 shares in the last quarter. The Manufacturers Life Insurance Company purchased a new position in Peapack-Gladstone Financial in the fourth quarter valued at $201,000. Finally, Stifel Financial Corp purchased a new position in Peapack-Gladstone Financial in the fourth quarter valued at $211,000. Institutional investors and hedge funds own 72.75% of the company’s stock.

Insider Buying and Selling at Peapack-Gladstone Financial

In other Peapack-Gladstone Financial news, CEO Douglas L. Kennedy sold 5,000 shares of the stock in a transaction on Friday, March 28th. The stock was sold at an average price of $28.58, for a total transaction of $142,900.00. Following the transaction, the chief executive officer now owns 35,409 shares of the company’s stock, valued at $1,011,989.22. This represents a 12.37% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director F Duffield Meyercord purchased 6,316 shares of Peapack-Gladstone Financial stock in a transaction on Monday, March 31st. The shares were acquired at an average cost of $28.44 per share, for a total transaction of $179,627.04. Following the purchase, the director now owns 140,372 shares in the company, valued at approximately $3,992,179.68. This trade represents a 4.71% increase in their ownership of the stock. The disclosure for this purchase can be found here. 7.63% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. Raymond James Financial started coverage on Peapack-Gladstone Financial in a report on Friday, April 11th. They issued a “strong-buy” rating and a $39.00 target price for the company. Wall Street Zen upgraded Peapack-Gladstone Financial from a “sell” rating to a “hold” rating in a research report on Saturday, June 7th. Finally, Keefe, Bruyette & Woods dropped their target price on Peapack-Gladstone Financial from $40.00 to $38.00 and set an “outperform” rating on the stock in a research report on Thursday, April 24th.

Peapack-Gladstone Financial Stock Performance

PGC opened at $26.66 on Friday. The stock has a market cap of $472.95 million, a P/E ratio of 14.81 and a beta of 0.86. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.95 and a quick ratio of 0.94. The stock’s 50 day simple moving average is $27.54 and its 200 day simple moving average is $30.17. Peapack-Gladstone Financial Corporation has a 1-year low of $20.80 and a 1-year high of $37.88.

Peapack-Gladstone Financial (NASDAQ:PGC) last released its quarterly 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 firm had revenue of $64.36 million during the quarter, compared to analyst estimates of $64.07 million. Peapack-Gladstone Financial had a return on equity of 5.27% and a net margin of 7.71%. As a group, equities analysts anticipate that Peapack-Gladstone Financial Corporation will post 2.71 EPS for the current fiscal year.

Peapack-Gladstone Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, May 22nd. Shareholders of record on Thursday, May 8th were issued a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 0.75%. The ex-dividend date was Thursday, May 8th. Peapack-Gladstone Financial’s dividend payout ratio (DPR) is presently 11.11%.

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.