27,470 Peapack-Gladstone Financial Corporation $PGC Shares Sold by Philadelphia Trust Co.

Philadelphia Trust Co. lowered its holdings in shares of Peapack-Gladstone Financial Corporation (NASDAQ:PGC) by 4.5% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 588,954 shares of the financial services provider’s stock after selling 27,470 shares during the period. Peapack-Gladstone Financial comprises 1.7% of Philadelphia Trust Co.’s holdings, making the stock its 15th largest holding. Philadelphia Trust Co. owned about 3.32% of Peapack-Gladstone Financial worth $25,690,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Farther Finance Advisors LLC raised its position in Peapack-Gladstone Financial by 241.9% during the 3rd quarter. Farther Finance Advisors LLC now owns 612 shares of the financial services provider’s stock worth $27,000 after purchasing an additional 433 shares during the last quarter. Fortitude Family Office LLC acquired a new position in Peapack-Gladstone Financial during the 3rd quarter worth about $50,000. Royal Bank of Canada grew its position in shares of Peapack-Gladstone Financial by 73.2% in the 1st quarter. Royal Bank of Canada now owns 1,252 shares of the financial services provider’s stock valued at $44,000 after buying an additional 529 shares during the last quarter. USA Financial Formulas bought a new stake in shares of Peapack-Gladstone Financial in the 3rd quarter valued at about $72,000. Finally, Parallel Advisors LLC grew its position in shares of Peapack-Gladstone Financial by 171.9% in the 1st quarter. Parallel Advisors LLC now owns 1,841 shares of the financial services provider’s stock valued at $65,000 after buying an additional 1,164 shares during the last quarter. Institutional investors own 72.75% of the company’s stock.

Wall Street Analyst Weigh In

PGC has been the subject of several recent research reports. Piper Sandler increased their price target on Peapack-Gladstone Financial from $54.00 to $58.00 and gave the company an “overweight” rating in a research note on Wednesday, July 29th. Keefe, Bruyette & Woods reaffirmed a “moderate buy” rating and issued a $56.00 price objective (up from $55.00) on shares of Peapack-Gladstone Financial in a research note on Monday, August 3rd. Raymond James Financial cut Peapack-Gladstone Financial from a “strong-buy” rating to a “market perform” rating in a report on Thursday, October 29th. Weiss Ratings raised shares of Peapack-Gladstone Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, September 21st. Finally, Wall Street Zen lowered shares of Peapack-Gladstone Financial from a “buy” rating to a “hold” rating in a report on Sunday, July 26th. Three investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, Peapack-Gladstone Financial has a consensus rating of “Moderate Buy” and a consensus price target of $56.33.

Insider Buying and Selling

In other Peapack-Gladstone Financial news, EVP Gregory Smith sold 1,250 shares of Peapack-Gladstone Financial stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $44.66, for a total value of $55,825.00. Following the completion of the sale, the executive vice president directly owned 12,622 shares in the company, valued at approximately $563,698.52. The trade was a 9.01% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Maureen Hemhauser sold 2,297 shares of the business’s stock in a transaction that occurred on Monday, September 21st. The shares were sold at an average price of $45.32, for a total value of $104,100.04. The disclosure for this sale is available in the SEC filing. Insiders own 5.75% of the company’s stock.

Peapack-Gladstone Financial Trading Down 0.8%

Shares of PGC opened at $46.18 on Wednesday. The stock has a market capitalization of $819.23 million, a P/E ratio of 13.97 and a beta of 0.74. The firm’s fifty day simple moving average is $44.96 and its two-hundred day simple moving average is $41.74. Peapack-Gladstone Financial Corporation has a 12 month low of $24.75 and a 12 month high of $49.14.

Peapack-Gladstone Financial (NASDAQ:PGC) last posted its quarterly earnings data on Tuesday, October 27th. The financial services provider reported $0.99 earnings per share for the quarter, topping the consensus estimate of $0.92 by $0.07. The firm had revenue of $88.50 million during the quarter, compared to analyst estimates of $90.13 million. Peapack-Gladstone Financial had a return on equity of 9.08% and a net margin of 12.69%. As a group, research analysts predict that Peapack-Gladstone Financial Corporation will post 3.64 EPS for the current fiscal year.

Peapack-Gladstone Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 27th. Investors of record on Thursday, November 12th will be paid a dividend of $0.05 per share. The ex-dividend date of this dividend is Thursday, November 12th. This represents a $0.20 annualized dividend and a yield of 0.4%. Peapack-Gladstone Financial’s dividend payout ratio (DPR) is currently 6.01%.

About Peapack-Gladstone Financial

Peapack-Gladstone Financial Corporation is a bank holding company whose principal subsidiary, Peapack-Gladstone Bank, provides commercial banking and wealth management services. The bank serves individuals, families, businesses and nonprofit organizations, with a focus on personalized banking and financial advice. Its services include deposits, lending, cash management and other banking solutions, as well as investment management, trust and fiduciary services, financial planning and private banking through its Peapack Private business.