Brandywine Global Investment Management LLC cut its holdings in Peapack-Gladstone Financial Co. (NASDAQ:PGC – Get Rating) by 2.8% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 15,323 shares of the financial services provider’s stock after selling 440 shares during the period. Brandywine Global Investment Management LLC owned approximately 0.09% of Peapack-Gladstone Financial worth $570,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds have also modified their holdings of PGC. Quadrant Capital Group LLC grew its stake in shares of Peapack-Gladstone Financial by 1,576.8% in the third quarter. Quadrant Capital Group LLC now owns 939 shares of the financial services provider’s stock valued at $32,000 after acquiring an additional 883 shares in the last quarter. Lazard Asset Management LLC acquired a new stake in Peapack-Gladstone Financial during the first quarter worth about $35,000. Livforsakringsbolaget Skandia Omsesidigt acquired a new stake in Peapack-Gladstone Financial during the third quarter worth about $54,000. Tower Research Capital LLC TRC grew its stake in Peapack-Gladstone Financial by 355.3% during the third quarter. Tower Research Capital LLC TRC now owns 2,427 shares of the financial services provider’s stock worth $81,000 after buying an additional 1,894 shares in the last quarter. Finally, BNP Paribas Arbitrage SA grew its stake in Peapack-Gladstone Financial by 45.0% during the second quarter. BNP Paribas Arbitrage SA now owns 5,849 shares of the financial services provider’s stock worth $174,000 after buying an additional 1,815 shares in the last quarter. 72.99% of the stock is currently owned by institutional investors and hedge funds.
Peapack-Gladstone Financial Trading Up 0.7 %
PGC opened at $27.43 on Friday. The company’s 50 day moving average is $27.54 and its 200-day moving average is $34.03. Peapack-Gladstone Financial Co. has a 1-year low of $22.88 and a 1-year high of $42.19. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.25. The company has a market cap of $494.29 million, a P/E ratio of 6.38 and a beta of 1.03.
Peapack-Gladstone Financial Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Monday, May 22nd. Stockholders of record on Monday, May 8th were paid a $0.05 dividend. The ex-dividend date of this dividend was Friday, May 5th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.73%. Peapack-Gladstone Financial’s payout ratio is currently 4.65%.
Insider Activity
In other Peapack-Gladstone Financial news, COO Robert A. Plante acquired 1,500 shares of the company’s stock in a transaction that occurred on Friday, April 28th. The stock was acquired at an average price of $26.60 per share, for a total transaction of $39,900.00. Following the acquisition, the chief operating officer now directly owns 3,932 shares in the company, valued at $104,591.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, EVP John P. Babcock sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, March 27th. The shares were sold at an average price of $30.59, for a total value of $152,950.00. Following the completion of the transaction, the executive vice president now owns 71,242 shares in the company, valued at approximately $2,179,292.78. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, COO Robert A. Plante acquired 1,500 shares of the company’s stock in a transaction that occurred on Friday, April 28th. The stock was acquired at an average price of $26.60 per share, with a total value of $39,900.00. Following the acquisition, the chief operating officer now owns 3,932 shares in the company, valued at $104,591.20. The disclosure for this purchase can be found here. In the last three months, insiders have purchased 6,780 shares of company stock worth $192,830. Corporate insiders own 7.63% of the company’s stock.
Wall Street Analyst Weigh In
PGC has been the topic of a number of analyst reports. StockNews.com initiated coverage on shares of Peapack-Gladstone Financial in a research note on Thursday, May 18th. They set a “hold” rating on the stock. Keefe, Bruyette & Woods reduced their price objective on shares of Peapack-Gladstone Financial from $48.00 to $43.00 and set an “outperform” rating on the stock in a research note on Thursday, April 6th.
About Peapack-Gladstone Financial
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Peapack-Gladstone Financial Corp. is a bank holding company, which engages in the provision of private banking services to businesses, non-profits, and consumers. It operates through the Banking and Peapack Private segments. The Banking segment is involved in the delivery of loan and deposit products to customers.
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