Peapack-Gladstone Financial Corporation $PGC Shares Sold by Renaissance Technologies LLC

Renaissance Technologies LLC lessened its holdings in shares of Peapack-Gladstone Financial Corporation (NASDAQ:PGC) by 56.7% in the 1st quarter, Holdings Channel reports. The fund owned 13,294 shares of the financial services provider’s stock after selling 17,422 shares during the quarter. Renaissance Technologies LLC’s holdings in Peapack-Gladstone Financial were worth $468,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Inceptionr LLC purchased a new position in Peapack-Gladstone Financial in the 1st quarter worth approximately $239,000. Sei Investments Co. boosted its holdings in shares of Peapack-Gladstone Financial by 66.3% during the 1st quarter. Sei Investments Co. now owns 48,036 shares of the financial services provider’s stock worth $1,691,000 after purchasing an additional 19,150 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of Peapack-Gladstone Financial by 1.4% in the first quarter. Dimensional Fund Advisors LP now owns 1,035,091 shares of the financial services provider’s stock valued at $36,445,000 after purchasing an additional 14,582 shares in the last quarter. Parallel Advisors LLC grew its position in shares of Peapack-Gladstone Financial by 171.9% in the first quarter. Parallel Advisors LLC now owns 1,841 shares of the financial services provider’s stock valued at $65,000 after purchasing an additional 1,164 shares in the last quarter. Finally, Watershed Asset Management L.L.C. purchased a new stake in shares of Peapack-Gladstone Financial in the first quarter valued at approximately $463,000. Institutional investors and hedge funds own 72.75% of the company’s stock.

Peapack-Gladstone Financial Price Performance

Shares of NASDAQ PGC opened at $46.71 on Tuesday. The company has a market capitalization of $828.17 million, a P/E ratio of 16.22 and a beta of 0.71. The company has a 50 day simple moving average of $46.23 and a 200-day simple moving average of $40.59. Peapack-Gladstone Financial Corporation has a 1 year low of $24.71 and a 1 year high of $49.14.

Peapack-Gladstone Financial (NASDAQ:PGC) last released its quarterly earnings data on Monday, July 27th. The financial services provider reported $0.85 EPS for the quarter, missing analysts’ consensus estimates of $0.88 by ($0.03). Peapack-Gladstone Financial had a net margin of 11.09% and a return on equity of 7.82%. The business had revenue of $86.05 million during the quarter, compared to analyst estimates of $85.17 million. As a group, research analysts expect that Peapack-Gladstone Financial Corporation will post 3.58 EPS for the current year.

Peapack-Gladstone Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 27th. Shareholders of record on Thursday, August 13th will be given a $0.05 dividend. The ex-dividend date is Thursday, August 13th. This represents a $0.20 dividend on an annualized basis and a yield of 0.4%. Peapack-Gladstone Financial’s payout ratio is currently 6.94%.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on PGC. Weiss Ratings reiterated a “buy (b-)” rating on shares of Peapack-Gladstone Financial in a research report on Friday, August 7th. Raymond James Financial upped their target price on Peapack-Gladstone Financial from $49.00 to $55.00 and gave the company a “strong-buy” rating in a report on Wednesday, July 1st. Keefe, Bruyette & Woods reaffirmed a “moderate buy” rating and issued a $56.00 target price (up from $55.00) on shares of Peapack-Gladstone Financial in a research note on Monday, August 3rd. Wall Street Zen lowered Peapack-Gladstone Financial from a “buy” rating to a “hold” rating in a report on Sunday, July 26th. Finally, Zacks Research cut shares of Peapack-Gladstone Financial from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 29th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, Peapack-Gladstone Financial currently has an average rating of “Buy” and a consensus target price of $56.33.

Insider Buying and Selling at Peapack-Gladstone Financial

In other news, EVP John P. Babcock sold 5,000 shares of the stock in a transaction on Monday, June 29th. The stock was sold at an average price of $47.11, for a total transaction of $235,550.00. Following the completion of the transaction, the executive vice president directly owned 45,582 shares in the company, valued at approximately $2,147,368.02. This represents a 9.88% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Lisa Chalkan sold 1,100 shares of the firm’s stock in a transaction dated Monday, June 29th. The stock was sold at an average price of $47.60, for a total value of $52,360.00. Following the sale, the executive vice president directly owned 26,075 shares of the company’s stock, valued at $1,241,170. The trade was a 4.05% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 8,100 shares of company stock worth $377,170 over the last quarter. 5.75% of the stock is currently owned by company insiders.

Peapack-Gladstone Financial Profile

Peapack-Gladstone Financial Corporation is the parent company of Peapack-Gladstone Bank, a New Jersey-chartered commercial bank headquartered in Bedminster, New Jersey, that trades on the NASDAQ under the symbol PGC. Through Peapack-Gladstone Bank, the company offers a broad range of deposit and lending solutions, including checking and savings accounts, residential and commercial real estate loans, lines of credit and treasury management services. Clients benefit from both in-branch relationship banking and an expanding suite of digital banking tools designed to support personal and business financial needs.

Complementing its core banking operations, Peapack-Gladstone Financial provides wealth management, trust and financial planning services through its subsidiary, Peapack-Gladstone Wealth Management.