Bank of Montreal Can trimmed its position in Peapack-Gladstone Financial Co. (NASDAQ:PGC) by 5.5% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 53,539 shares of the financial services provider’s stock after selling 3,087 shares during the quarter. Bank of Montreal Can’s holdings in Peapack-Gladstone Financial were worth $1,403,000 as of its most recent SEC filing.
Several other hedge funds have also recently modified their holdings of the company. MetLife Investment Advisors LLC boosted its holdings in Peapack-Gladstone Financial by 51.9% in the third quarter. MetLife Investment Advisors LLC now owns 12,623 shares of the financial services provider’s stock valued at $390,000 after purchasing an additional 4,312 shares during the last quarter. TIAA CREF Investment Management LLC boosted its holdings in Peapack-Gladstone Financial by 22.4% in the third quarter. TIAA CREF Investment Management LLC now owns 86,630 shares of the financial services provider’s stock valued at $2,676,000 after purchasing an additional 15,871 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Peapack-Gladstone Financial by 0.8% in the third quarter. Vanguard Group Inc. now owns 766,829 shares of the financial services provider’s stock valued at $23,686,000 after purchasing an additional 6,322 shares during the last quarter. Federated Investors Inc. PA boosted its holdings in Peapack-Gladstone Financial by 13.3% in the third quarter. Federated Investors Inc. PA now owns 136,961 shares of the financial services provider’s stock valued at $4,231,000 after purchasing an additional 16,101 shares during the last quarter. Finally, Vanguard Group Inc boosted its holdings in Peapack-Gladstone Financial by 0.8% in the third quarter. Vanguard Group Inc now owns 766,829 shares of the financial services provider’s stock valued at $23,686,000 after purchasing an additional 6,322 shares during the last quarter. 71.44% of the stock is currently owned by institutional investors.
Shares of NASDAQ PGC opened at $27.79 on Wednesday. Peapack-Gladstone Financial Co. has a 52-week low of $23.96 and a 52-week high of $36.88. The company has a market cap of $539.43 million, a price-to-earnings ratio of 12.03, a PEG ratio of 2.25 and a beta of 1.07. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.05 and a current ratio of 1.05.
Peapack-Gladstone Financial (NASDAQ:PGC) last announced its quarterly earnings data on Friday, April 26th. The financial services provider reported $0.58 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.55 by $0.03. Peapack-Gladstone Financial had a return on equity of 9.73% and a net margin of 21.04%. The firm had revenue of $41.74 million for the quarter, compared to analysts’ expectations of $41.58 million. As a group, equities research analysts predict that Peapack-Gladstone Financial Co. will post 2.35 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 23rd. Shareholders of record on Thursday, May 9th will be paid a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 0.72%. The ex-dividend date of this dividend is Wednesday, May 8th. Peapack-Gladstone Financial’s payout ratio is currently 8.66%.
A number of research analysts recently commented on the company. BidaskClub raised Peapack-Gladstone Financial from a “sell” rating to a “hold” rating in a report on Saturday, April 13th. FIG Partners downgraded Peapack-Gladstone Financial from an “outperform” rating to a “market perform” rating in a report on Monday, January 28th. Zacks Investment Research downgraded Peapack-Gladstone Financial from a “hold” rating to a “sell” rating in a report on Wednesday, January 30th. Finally, Gabelli assumed coverage on Peapack-Gladstone Financial in a research note on Monday, February 11th. They set a “buy” rating and a $37.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $36.50.
In other Peapack-Gladstone Financial news, EVP John P. Babcock sold 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $28.57, for a total transaction of $57,140.00. Following the sale, the executive vice president now owns 51,320 shares in the company, valued at $1,466,212.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 4.13% of the company’s stock.
About Peapack-Gladstone Financial
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 Private Wealth Management. It offers checking and savings accounts, money market and interest-bearing checking accounts, certificates of deposit, and individual retirement accounts.
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