Basswood Capital Management L.L.C. Buys Shares of 291,105 Peapack-Gladstone Financial Corporation $PGC

Basswood Capital Management L.L.C. purchased a new position in Peapack-Gladstone Financial Corporation (NASDAQ:PGC) in the 2nd quarter, Holdings Channel reports. The institutional investor purchased 291,105 shares of the financial services provider’s stock, valued at approximately $13,778,000.

Other hedge funds also recently modified their holdings of the company. 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 purchasing an additional 529 shares during the period. Parallel Advisors LLC increased its stake in Peapack-Gladstone Financial by 171.9% during the 1st quarter. Parallel Advisors LLC now owns 1,841 shares of the financial services provider’s stock worth $65,000 after purchasing an additional 1,164 shares in the last quarter. OP Asset Management Ltd acquired a new stake in Peapack-Gladstone Financial during the 1st quarter worth approximately $116,000. Aquatic Capital Management LLC raised its holdings in Peapack-Gladstone Financial by 23.1% during the 3rd quarter. Aquatic Capital Management LLC now owns 5,240 shares of the financial services provider’s stock worth $145,000 after buying an additional 985 shares during the period. Finally, Quantbot Technologies LP bought a new position in Peapack-Gladstone Financial in the second quarter valued at approximately $176,000. Institutional investors and hedge funds own 72.75% of the company’s stock.

Insider Transactions at Peapack-Gladstone Financial

In other news, 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 completion of the transaction, the executive vice president owned 26,075 shares in the company, valued at $1,241,170. This trade represents a 4.05% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP John P. Babcock sold 5,000 shares of Peapack-Gladstone Financial stock in a transaction dated Monday, June 29th. The shares were sold at an average price of $47.11, for a total value of $235,550.00. Following the completion of the sale, 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 SEC filing for this sale provides additional information. Insiders sold a total of 8,100 shares of company stock worth $377,170 in the last three months. Insiders own 5.75% of the company’s stock.

Peapack-Gladstone Financial Stock Up 0.1%

NASDAQ PGC opened at $45.18 on Thursday. Peapack-Gladstone Financial Corporation has a 12-month low of $24.71 and a 12-month high of $49.14. The company has a market capitalization of $801.04 million, a PE ratio of 15.69 and a beta of 0.71. The firm’s 50 day moving average is $46.24 and its 200-day moving average is $41.23.

Peapack-Gladstone Financial (NASDAQ:PGC) last announced 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 return on equity of 7.82% and a net margin of 11.09%.The business had revenue of $86.05 million during the quarter, compared to the consensus estimate of $85.17 million. As a group, sell-side 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 disclosed a quarterly dividend, which will be paid on Thursday, August 27th. Stockholders of record on Thursday, August 13th will be paid a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date is Thursday, August 13th. Peapack-Gladstone Financial’s dividend payout ratio is currently 6.94%.

Analysts Set New Price Targets

Several research analysts have recently weighed in on PGC shares. Raymond James Financial upped their price target on shares of Peapack-Gladstone Financial from $49.00 to $55.00 and gave the company a “strong-buy” rating in a report on Wednesday, July 1st. Weiss Ratings restated a “buy (b-)” rating on shares of Peapack-Gladstone Financial in a report on Friday, August 7th. 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 report on Monday, August 3rd. Zacks Research lowered shares of Peapack-Gladstone Financial from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 29th. Finally, Piper Sandler increased their target price on Peapack-Gladstone Financial from $54.00 to $58.00 and gave the stock an “overweight” rating in a report on Wednesday, July 29th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $56.33.

Peapack-Gladstone Financial Company 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.