BNP Paribas Financial Markets Sells 3,267 Shares of Peapack-Gladstone Financial Co. (NASDAQ:PGC)

BNP Paribas Financial Markets lowered its stake in shares of Peapack-Gladstone Financial Co. (NASDAQ:PGC) by 31.4% in the third quarter, Holdings Channel reports. The firm owned 7,136 shares of the financial services provider’s stock after selling 3,267 shares during the period. BNP Paribas Financial Markets’ holdings in Peapack-Gladstone Financial were worth $196,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Algert Global LLC increased its stake in shares of Peapack-Gladstone Financial by 165.8% in the third quarter. Algert Global LLC now owns 24,558 shares of the financial services provider’s stock worth $673,000 after purchasing an additional 15,320 shares during the period. AQR Capital Management LLC grew its holdings 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 last quarter. Sei Investments Co. acquired a new stake in Peapack-Gladstone Financial in the 2nd quarter valued at approximately $214,000. Acadian Asset Management LLC bought a new position in Peapack-Gladstone Financial in the 2nd quarter worth approximately $1,444,000. Finally, Victory Capital Management Inc. acquired a new position in shares of Peapack-Gladstone Financial during the third quarter worth approximately $959,000. Institutional investors and hedge funds own 72.75% of the company’s stock.

Insider Activity at Peapack-Gladstone Financial

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

Analyst Ratings Changes

Several brokerages have recently issued reports on PGC. Keefe, Bruyette & Woods raised their price objective on shares of Peapack-Gladstone Financial from $38.00 to $44.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Piper Sandler raised shares of Peapack-Gladstone Financial from a “neutral” rating to an “overweight” rating and increased their price target for the company from $30.00 to $35.00 in a report on Wednesday, October 23rd.

Peapack-Gladstone Financial Trading Up 1.5 %

Peapack-Gladstone Financial stock opened at $35.89 on Tuesday. The business has a 50 day moving average price of $33.92 and a two-hundred day moving average price of $28.23. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.22. Peapack-Gladstone Financial Co. has a 12 month low of $20.30 and a 12 month high of $37.88. The stock has a market cap of $630.95 million, a price-to-earnings ratio of 19.83 and a beta of 0.98.

Peapack-Gladstone Financial (NASDAQ:PGC) last issued its earnings results on Tuesday, October 22nd. The financial services provider reported $0.43 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 business had revenue of $102.14 million during the quarter, compared to analyst estimates of $58.24 million. As a group, equities analysts forecast that Peapack-Gladstone Financial Co. will post 1.82 EPS for the current year.

Peapack-Gladstone Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Thursday, November 7th were issued a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.56%. The ex-dividend date of this dividend was Thursday, November 7th. Peapack-Gladstone Financial’s payout ratio is 11.05%.

Peapack-Gladstone Financial Company 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.