Banc Funds Co. LLC Lowers Position in Peapack-Gladstone Financial Corporation $PGC

Banc Funds Co. LLC trimmed its holdings in shares of Peapack-Gladstone Financial Corporation (NASDAQ:PGC) by 31.9% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 315,099 shares of the financial services provider’s stock after selling 147,300 shares during the quarter. Peapack-Gladstone Financial accounts for approximately 1.5% of Banc Funds Co. LLC’s portfolio, making the stock its 23rd biggest position. Banc Funds Co. LLC’s holdings in Peapack-Gladstone Financial were worth $8,697,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Wellington Management Group LLP raised its holdings in Peapack-Gladstone Financial by 67.0% in the 3rd quarter. Wellington Management Group LLP now owns 1,138,723 shares of the financial services provider’s stock valued at $31,429,000 after buying an additional 456,828 shares during the period. Vanguard Group Inc. boosted its stake in Peapack-Gladstone Financial by 3.0% during the third quarter. Vanguard Group Inc. now owns 974,523 shares of the financial services provider’s stock worth $26,897,000 after buying an additional 28,489 shares during the period. Salzhauer Michael increased its position in shares of Peapack-Gladstone Financial by 79.2% during the third quarter. Salzhauer Michael now owns 254,630 shares of the financial services provider’s stock valued at $7,028,000 after acquiring an additional 112,504 shares during the last quarter. Prudential Financial Inc. increased its position in shares of Peapack-Gladstone Financial by 10.6% during the second quarter. Prudential Financial Inc. now owns 226,145 shares of the financial services provider’s stock valued at $6,389,000 after acquiring an additional 21,645 shares during the last quarter. Finally, Two Sigma Investments LP raised its stake in shares of Peapack-Gladstone Financial by 59.0% in the 3rd quarter. Two Sigma Investments LP now owns 156,903 shares of the financial services provider’s stock valued at $4,331,000 after acquiring an additional 58,220 shares during the period. 72.75% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on PGC shares. Piper Sandler restated an “overweight” rating and issued a $39.00 price objective (up from $35.00) on shares of Peapack-Gladstone Financial in a report on Friday, February 27th. Keefe, Bruyette & Woods boosted their target price on Peapack-Gladstone Financial from $35.00 to $40.00 and gave the company an “outperform” rating in a research report on Monday, February 2nd. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Peapack-Gladstone Financial in a research note on Thursday, January 22nd. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, Peapack-Gladstone Financial currently has an average rating of “Moderate Buy” and an average price target of $39.33.

Insider Activity at Peapack-Gladstone Financial

In other Peapack-Gladstone Financial news, EVP Maureen Hemhauser sold 5,272 shares of the business’s stock in a transaction on Monday, February 9th. The shares were sold at an average price of $35.59, for a total value of $187,630.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 7.63% of the stock is currently owned by company insiders.

Peapack-Gladstone Financial Stock Down 1.8%

Shares of PGC opened at $33.37 on Friday. The stock has a market capitalization of $585.91 million, a PE ratio of 15.82 and a beta of 0.70. Peapack-Gladstone Financial Corporation has a 1 year low of $23.96 and a 1 year high of $35.68. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.96 and a current ratio of 0.97. The company’s 50-day simple moving average is $32.16 and its 200-day simple moving average is $29.26.

Peapack-Gladstone Financial (NASDAQ:PGC) last announced its quarterly earnings data on Thursday, January 29th. The financial services provider reported $0.69 earnings per share for the quarter. Peapack-Gladstone Financial had a net margin of 8.40% and a return on equity of 5.91%. The firm had revenue of $77.67 million during the quarter. Analysts forecast that Peapack-Gladstone Financial Corporation will post 2.71 earnings per share for the current fiscal year.

Peapack-Gladstone Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, February 26th. Shareholders of record on Thursday, February 12th were given a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend was Thursday, February 12th. Peapack-Gladstone Financial’s dividend payout ratio (DPR) is currently 9.48%.

Peapack-Gladstone Financial Company Profile

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.