Systematic Financial Management LP trimmed its stake in shares of Peapack-Gladstone Financial Co. (NASDAQ:PGC) by 9.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 50,450 shares of the financial services provider’s stock after selling 5,205 shares during the quarter. Systematic Financial Management LP’s holdings in Peapack-Gladstone Financial were worth $1,323,000 at the end of the most recent reporting period.
Other hedge funds also recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Peapack-Gladstone Financial by 422.0% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,331 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 1,076 shares in the last quarter. BNP Paribas Arbitrage SA grew its holdings in Peapack-Gladstone Financial by 78,720.0% during the 1st quarter. BNP Paribas Arbitrage SA now owns 3,941 shares of the financial services provider’s stock worth $103,000 after acquiring an additional 3,936 shares during the last quarter. SG Americas Securities LLC bought a new stake in Peapack-Gladstone Financial during the 1st quarter worth approximately $120,000. Metropolitan Life Insurance Co. NY grew its holdings in Peapack-Gladstone Financial by 337.4% during the 4th quarter. Metropolitan Life Insurance Co. NY now owns 5,590 shares of the financial services provider’s stock worth $141,000 after acquiring an additional 4,312 shares during the last quarter. Finally, Marshall Wace LLP bought a new stake in Peapack-Gladstone Financial during the 3rd quarter worth approximately $208,000. Institutional investors and hedge funds own 71.44% of the company’s stock.
PGC has been the topic of a number of research reports. Gabelli initiated coverage on shares of Peapack-Gladstone Financial in a report on Monday, February 11th. They set a “buy” rating and a $37.00 target price on the stock. BidaskClub raised shares of Peapack-Gladstone Financial from a “sell” rating to a “hold” rating in a report on Thursday, February 14th. Zacks Investment Research raised shares of Peapack-Gladstone Financial from a “sell” rating to a “hold” rating in a report on Tuesday, April 2nd. Finally, FIG Partners lowered shares of Peapack-Gladstone Financial from an “outperform” rating to a “market perform” rating in a report on Monday, January 28th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company’s stock. Peapack-Gladstone Financial has a consensus rating of “Hold” and a consensus price target of $36.50.
Shares of NASDAQ:PGC traded up $0.23 during trading on Friday, reaching $27.76. The stock had a trading volume of 207 shares, compared to its average volume of 47,637. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.05 and a current ratio of 1.05. Peapack-Gladstone Financial Co. has a 52 week low of $23.96 and a 52 week high of $36.88. The firm has a market cap of $530.30 million, a P/E ratio of 11.96, a P/E/G ratio of 2.24 and a beta of 1.07.
Peapack-Gladstone Financial (NASDAQ:PGC) last posted its quarterly earnings data on Friday, April 26th. The financial services provider reported $0.58 EPS for the quarter, beating the Zacks’ consensus estimate of $0.55 by $0.03. Peapack-Gladstone Financial had a net margin of 21.04% and a return on equity of 9.73%. The company had revenue of $41.74 million for the quarter, compared to analyst estimates of $41.58 million. As a group, sell-side analysts anticipate that Peapack-Gladstone Financial Co. will post 2.35 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 23rd. Stockholders of record on Thursday, May 9th will be paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.72%. The ex-dividend date is Wednesday, May 8th. Peapack-Gladstone Financial’s dividend payout ratio is currently 8.66%.
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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 Private Wealth Management. It offers checking and savings accounts, money market and interest-bearing checking accounts, certificates of deposit, and individual retirement accounts.
Read More: Price to Earnings Ratio (PE) Basics
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