Quest Partners LLC Sells 9,874 Shares of Peapack-Gladstone Financial Co. (NASDAQ:PGC)

Quest Partners LLC cut its position in Peapack-Gladstone Financial Co. (NASDAQ:PGC) by 62.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,871 shares of the financial services provider’s stock after selling 9,874 shares during the quarter. Quest Partners LLC’s holdings in Peapack-Gladstone Financial were worth $161,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the business. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Peapack-Gladstone Financial by 68.4% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,324 shares of the financial services provider’s stock valued at $75,000 after acquiring an additional 1,350 shares during the last quarter. Algert Global LLC purchased a new position in shares of Peapack-Gladstone Financial in the 2nd quarter valued at approximately $209,000. Sei Investments Co. bought a new stake in shares of Peapack-Gladstone Financial during the 2nd quarter valued at $214,000. Cubist Systematic Strategies LLC purchased a new stake in shares of Peapack-Gladstone Financial in the 2nd quarter worth approximately $223,000. Finally, Price T Rowe Associates Inc. MD raised its position in shares of Peapack-Gladstone Financial by 5.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 11,423 shares of the financial services provider’s stock worth $278,000 after purchasing an additional 628 shares during the last quarter. 72.75% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Peapack-Gladstone Financial

In other news, EVP John P. Babcock sold 3,000 shares of Peapack-Gladstone Financial stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $32.29, for a total transaction of $96,870.00. Following the completion of the sale, the executive vice president now owns 49,155 shares of the company’s stock, valued at approximately $1,587,214.95. The trade was a 5.75 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 7.63% of the company’s stock.

Analysts Set New Price Targets

Separately, Piper Sandler upgraded shares of Peapack-Gladstone Financial from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $30.00 to $35.00 in a research report on Wednesday, October 23rd.

Peapack-Gladstone Financial Trading Down 1.2 %

Peapack-Gladstone Financial stock opened at $36.43 on Friday. Peapack-Gladstone Financial Co. has a 12-month low of $20.30 and a 12-month high of $37.88. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.22. The firm has a market capitalization of $640.62 million, a price-to-earnings ratio of 20.13 and a beta of 0.96. The firm has a 50 day moving average of $31.76 and a 200 day moving average of $27.07.

Peapack-Gladstone Financial (NASDAQ:PGC) last announced its quarterly earnings results on Tuesday, October 22nd. The financial services provider reported $0.43 EPS for the quarter, topping the consensus estimate of $0.37 by $0.06. Peapack-Gladstone Financial had a net margin of 8.12% and a return on equity of 5.55%. The business had revenue of $102.14 million for the quarter, compared to analysts’ expectations of $58.24 million. As a group, research analysts predict that Peapack-Gladstone Financial Co. will post 1.82 earnings per share for the current year.

Peapack-Gladstone Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Thursday, November 7th were issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.55%. The ex-dividend date was Thursday, November 7th. Peapack-Gladstone Financial’s dividend payout ratio (DPR) is 11.05%.

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.