Peapack-Gladstone Financial Co. (NASDAQ:PGC) Shares Acquired by Empowered Funds LLC

Empowered Funds LLC increased its holdings in Peapack-Gladstone Financial Co. (NASDAQ:PGC) by 5.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 48,710 shares of the financial services provider’s stock after acquiring an additional 2,412 shares during the quarter. Empowered Funds LLC’s holdings in Peapack-Gladstone Financial were worth $1,335,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of PGC. Acadian Asset Management LLC acquired a new stake in Peapack-Gladstone Financial during the 2nd quarter worth approximately $1,444,000. American Century Companies Inc. lifted its holdings in shares of Peapack-Gladstone Financial by 15.3% during the second quarter. American Century Companies Inc. now owns 275,576 shares of the financial services provider’s stock worth $6,242,000 after purchasing an additional 36,564 shares during the period. Victory Capital Management Inc. purchased a new position in Peapack-Gladstone Financial in the 3rd quarter valued at $959,000. AQR Capital Management LLC increased its stake in Peapack-Gladstone Financial by 45.6% in the 2nd quarter. AQR Capital Management LLC now owns 95,930 shares of the financial services provider’s stock valued at $2,173,000 after buying an additional 30,031 shares during the period. Finally, Squarepoint Ops LLC purchased a new position in Peapack-Gladstone Financial during the 2nd quarter worth $626,000. Hedge funds and other institutional investors own 72.75% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on PGC shares. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $32.00 price target (up from $28.00) on shares of Peapack-Gladstone Financial in a report on Monday, July 29th. Piper Sandler raised Peapack-Gladstone Financial from a “neutral” rating to an “overweight” rating and raised their price target for the company from $30.00 to $35.00 in a report on Wednesday, October 23rd.

Insider Transactions at Peapack-Gladstone Financial

In other Peapack-Gladstone Financial news, EVP John P. Babcock sold 3,000 shares of Peapack-Gladstone Financial stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $32.29, for a total value of $96,870.00. Following the completion of the sale, the executive vice president now owns 49,155 shares in the company, valued at $1,587,214.95. The trade was a 5.75 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 7.63% of the company’s stock.

Peapack-Gladstone Financial Price Performance

Peapack-Gladstone Financial stock opened at $35.76 on Friday. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.22. The firm’s 50-day simple moving average is $30.67 and its 200 day simple moving average is $26.54. Peapack-Gladstone Financial Co. has a 52 week low of $20.30 and a 52 week high of $37.88. The firm has a market capitalization of $628.66 million, a PE ratio of 20.31 and a beta of 0.96.

Peapack-Gladstone Financial (NASDAQ:PGC) last posted its earnings results on Tuesday, October 22nd. The financial services provider reported $0.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.37 by $0.06. Peapack-Gladstone Financial had a return on equity of 5.55% and a net margin of 8.12%. The firm had revenue of $102.14 million for the quarter, compared to analyst estimates of $58.24 million. On average, equities research analysts predict that Peapack-Gladstone Financial Co. will post 1.82 EPS for the current fiscal year.

Peapack-Gladstone Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Thursday, November 7th will be paid a dividend of $0.05 per share. The ex-dividend date of this dividend is Thursday, November 7th. This represents a $0.20 annualized dividend and a dividend yield of 0.56%. Peapack-Gladstone Financial’s dividend payout ratio is currently 11.05%.

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.