Greenwich Wealth Management LLC Takes $418,000 Position in Peapack-Gladstone Financial Corporation $PGC

Greenwich Wealth Management LLC purchased a new position in shares of Peapack-Gladstone Financial Corporation (NASDAQ:PGC) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 15,000 shares of the financial services provider’s stock, valued at approximately $418,000. Greenwich Wealth Management LLC owned about 0.09% of Peapack-Gladstone Financial at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Wellington Management Group LLP lifted its position in Peapack-Gladstone Financial by 67.0% in the third quarter. Wellington Management Group LLP now owns 1,138,723 shares of the financial services provider’s stock valued at $31,429,000 after acquiring an additional 456,828 shares during the last quarter. Two Sigma Investments LP grew its stake in Peapack-Gladstone Financial by 59.0% during the 3rd quarter. Two Sigma Investments LP now owns 156,903 shares of the financial services provider’s stock worth $4,331,000 after buying an additional 58,220 shares during the last quarter. Algert Global LLC increased its position in Peapack-Gladstone Financial by 111.7% during the third quarter. Algert Global LLC now owns 110,179 shares of the financial services provider’s stock worth $3,041,000 after buying an additional 58,135 shares during the period. First Trust Advisors LP raised its position in Peapack-Gladstone Financial by 418.7% in the 3rd quarter. First Trust Advisors LP now owns 58,926 shares of the financial services provider’s stock valued at $1,626,000 after purchasing an additional 47,565 shares during the last quarter. Finally, PL Capital Advisors LLC acquired a new stake in shares of Peapack-Gladstone Financial during the fourth quarter worth about $1,267,000. Hedge funds and other institutional investors own 72.75% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently weighed in on PGC shares. Weiss Ratings upgraded shares of Peapack-Gladstone Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, May 12th. Piper Sandler raised their price objective on Peapack-Gladstone Financial from $39.00 to $41.00 and gave the company an “overweight” rating in a research note on Thursday, April 2nd. Three investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, Peapack-Gladstone Financial has a consensus rating of “Moderate Buy” and an average price target of $40.50.

Peapack-Gladstone Financial Price Performance

NASDAQ PGC opened at $42.14 on Thursday. The company has a market cap of $746.72 million, a P/E ratio of 16.99 and a beta of 0.72. Peapack-Gladstone Financial Corporation has a 12 month low of $24.42 and a 12 month high of $44.30. The company has a 50-day moving average of $40.09 and a 200-day moving average of $33.91.

Peapack-Gladstone Financial (NASDAQ:PGC) last announced its quarterly earnings results on Wednesday, April 22nd. The financial services provider reported $0.80 earnings per share for the quarter, beating analysts’ consensus estimates of $0.66 by $0.14. Peapack-Gladstone Financial had a net margin of 9.60% and a return on equity of 6.75%. The company had revenue of $82.49 million for the quarter, compared to analyst estimates of $79.17 million. As a group, equities research analysts anticipate that Peapack-Gladstone Financial Corporation will post 3.69 EPS for the current year.

Peapack-Gladstone Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 21st. Shareholders of record on Thursday, May 7th were given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date of this dividend was Thursday, May 7th. Peapack-Gladstone Financial’s payout ratio is 8.06%.

About Peapack-Gladstone Financial

Peapack-Gladstone Financial Corporation is the parent company of Peapack-Gladstone Bank, a New Jersey-chartered commercial bank headquartered in Bedminster, New Jersey, that trades on the NASDAQ under the symbol PGC. Through Peapack-Gladstone Bank, the company offers a broad range of deposit and lending solutions, including checking and savings accounts, residential and commercial real estate loans, lines of credit and treasury management services. Clients benefit from both in-branch relationship banking and an expanding suite of digital banking tools designed to support personal and business financial needs.

Complementing its core banking operations, Peapack-Gladstone Financial provides wealth management, trust and financial planning services through its subsidiary, Peapack-Gladstone Wealth Management.