Peapack-Gladstone Financial Co. (NASDAQ:PGC) Stake Boosted by Algert Global LLC

Algert Global LLC increased its position in shares of Peapack-Gladstone Financial Co. (NASDAQ:PGC) by 165.8% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 24,558 shares of the financial services provider’s stock after acquiring an additional 15,320 shares during the period. Algert Global LLC owned about 0.14% of Peapack-Gladstone Financial worth $673,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of PGC. Vanguard Group Inc. lifted its stake in shares of Peapack-Gladstone Financial by 1.1% in the 1st quarter. Vanguard Group Inc. now owns 903,093 shares of the financial services provider’s stock valued at $21,972,000 after purchasing an additional 9,991 shares during the last quarter. Boston Partners raised its holdings in Peapack-Gladstone Financial by 1.6% during the first quarter. Boston Partners now owns 762,659 shares of the financial services provider’s stock valued at $18,339,000 after buying an additional 12,226 shares in the last quarter. American Century Companies Inc. lifted its position in shares of Peapack-Gladstone Financial by 15.3% in the second quarter. American Century Companies Inc. now owns 275,576 shares of the financial services provider’s stock worth $6,242,000 after buying an additional 36,564 shares during the last quarter. Salzhauer Michael boosted its stake in shares of Peapack-Gladstone Financial by 5.1% during the 2nd quarter. Salzhauer Michael now owns 152,339 shares of the financial services provider’s stock worth $3,450,000 after acquiring an additional 7,429 shares in the last quarter. Finally, AQR Capital Management LLC increased its holdings in shares of Peapack-Gladstone Financial by 45.6% during 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 acquiring an additional 30,031 shares during the last quarter. Institutional investors and hedge funds own 72.75% of the company’s stock.

Insider Buying and Selling

In related news, EVP John P. Babcock sold 10,000 shares of Peapack-Gladstone Financial stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $26.89, for a total transaction of $268,900.00. Following the sale, the executive vice president now directly owns 52,155 shares of the company’s stock, valued at $1,402,447.95. This trade represents a 16.09 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 7.63% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Separately, Piper Sandler upgraded Peapack-Gladstone Financial from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $30.00 to $35.00 in a report on Wednesday, October 23rd.

Peapack-Gladstone Financial Stock Performance

Shares of PGC opened at $36.14 on Friday. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.97 and a quick ratio of 0.97. Peapack-Gladstone Financial Co. has a one year low of $20.30 and a one year high of $37.88. The company’s fifty day moving average price is $31.92 and its 200 day moving average price is $27.16. The company has a market capitalization of $635.34 million, a PE ratio of 19.97 and a beta of 0.96.

Peapack-Gladstone Financial (NASDAQ:PGC) last posted its quarterly earnings data on Tuesday, October 22nd. The financial services provider reported $0.43 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.06. The business had revenue of $102.14 million during the quarter, compared to analysts’ expectations of $58.24 million. Peapack-Gladstone Financial had a return on equity of 5.55% and a net margin of 8.12%. As a group, analysts expect 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 disclosed a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Thursday, November 7th were paid a $0.05 dividend. The ex-dividend date was Thursday, November 7th. This represents a $0.20 annualized dividend and a dividend yield of 0.55%. Peapack-Gladstone Financial’s payout ratio 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.