Algert Global LLC boosted its stake in shares of Peapack-Gladstone Financial Corp (NASDAQ:PGC) by 27.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 22,917 shares of the financial services provider’s stock after purchasing an additional 4,930 shares during the quarter. Algert Global LLC owned about 0.13% of Peapack-Gladstone Financial worth $773,000 at the end of the most recent reporting period.
Other hedge funds also recently added to or reduced their stakes in the company. Swiss National Bank bought a new position in Peapack-Gladstone Financial during the second quarter worth $779,000. Bank of New York Mellon Corp boosted its position in Peapack-Gladstone Financial by 4.4% during the second quarter. Bank of New York Mellon Corp now owns 93,893 shares of the financial services provider’s stock worth $2,938,000 after purchasing an additional 3,984 shares during the period. Schwab Charles Investment Management Inc. boosted its position in Peapack-Gladstone Financial by 21.2% during the second quarter. Schwab Charles Investment Management Inc. now owns 58,757 shares of the financial services provider’s stock worth $1,839,000 after purchasing an additional 10,294 shares during the period. Northern Trust Corp boosted its position in Peapack-Gladstone Financial by 13.9% during the second quarter. Northern Trust Corp now owns 218,831 shares of the financial services provider’s stock worth $6,847,000 after purchasing an additional 26,757 shares during the period. Finally, Boston Partners boosted its position in Peapack-Gladstone Financial by 74.4% during the third quarter. Boston Partners now owns 172,500 shares of the financial services provider’s stock worth $5,820,000 after purchasing an additional 73,600 shares during the period. 69.48% of the stock is owned by hedge funds and other institutional investors.
A number of equities analysts have commented on PGC shares. ValuEngine cut shares of Peapack-Gladstone Financial from a “buy” rating to a “hold” rating in a research report on Tuesday, November 14th. BidaskClub raised shares of Peapack-Gladstone Financial from a “hold” rating to a “buy” rating in a research report on Thursday, September 28th. Finally, Keefe, Bruyette & Woods reissued a “buy” rating and issued a $38.50 target price on shares of Peapack-Gladstone Financial in a research report on Thursday, October 26th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $35.75.
Shares of Peapack-Gladstone Financial Corp (NASDAQ PGC) opened at $35.15 on Monday. The stock has a market cap of $641.84, a PE ratio of 18.50 and a beta of 0.99. Peapack-Gladstone Financial Corp has a 52-week low of $28.24 and a 52-week high of $37.30. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.02 and a quick ratio of 1.02.
Peapack-Gladstone Financial (NASDAQ:PGC) last announced its earnings results on Friday, October 27th. The financial services provider reported $0.56 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.45 by $0.11. The company had revenue of $38.82 million during the quarter. Peapack-Gladstone Financial had a net margin of 20.36% and a return on equity of 9.54%.
The firm also recently announced a quarterly dividend, which was paid on Friday, November 24th. Stockholders of record on Thursday, November 9th were given a $0.05 dividend. The ex-dividend date of this dividend was Wednesday, November 8th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.57%. Peapack-Gladstone Financial’s payout ratio is presently 10.53%.
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About Peapack-Gladstone Financial
Peapack-Gladstone Financial Corporation is a bank holding company. The Company’s principal subsidiary is Peapack-Gladstone Bank (the Bank), which is a state chartered commercial bank. The Company operates through two segments: Banking and Private Wealth Management Division. The Banking segment includes commercial, commercial real estate, multifamily, residential and consumer lending activities; deposit generation; operation of automated teller machines (ATMs); telephone and Internet banking services; merchant credit card services, and customer support sales.
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