8,277 Shares in Peapack-Gladstone Financial Corporation $PGC Bought by Mendon Capital Advisors Corp

Mendon Capital Advisors Corp bought a new position in shares of Peapack-Gladstone Financial Corporation (NASDAQ:PGC) during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 8,277 shares of the financial services provider’s stock, valued at approximately $235,000.

Other large investors also recently modified their holdings of the company. The Manufacturers Life Insurance Company bought a new position in shares of Peapack-Gladstone Financial in the fourth quarter valued at about $201,000. Stifel Financial Corp bought a new position in shares of Peapack-Gladstone Financial in the fourth quarter worth about $211,000. Quantbot Technologies LP lifted its holdings in shares of Peapack-Gladstone Financial by 38.1% in the first quarter. Quantbot Technologies LP now owns 8,153 shares of the financial services provider’s stock worth $232,000 after acquiring an additional 2,251 shares during the last quarter. Public Employees Retirement System of Ohio lifted its holdings in shares of Peapack-Gladstone Financial by 34.0% in the fourth quarter. Public Employees Retirement System of Ohio now owns 8,517 shares of the financial services provider’s stock worth $273,000 after acquiring an additional 2,162 shares during the last quarter. Finally, Occudo Quantitative Strategies LP bought a new position in Peapack-Gladstone Financial in the 4th quarter valued at approximately $299,000. 72.75% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on PGC. Keefe, Bruyette & Woods dropped their price objective on shares of Peapack-Gladstone Financial from $38.00 to $35.00 and set an “outperform” rating for the company in a report on Wednesday, July 23rd. Wall Street Zen raised shares of Peapack-Gladstone Financial from a “sell” rating to a “hold” rating in a research report on Friday, September 5th. One research analyst has rated the stock with a Strong Buy rating and two have issued a Buy rating to the company. According to data from MarketBeat, Peapack-Gladstone Financial has a consensus rating of “Buy” and an average price target of $36.33.

Insider Buying and Selling at Peapack-Gladstone Financial

In related news, CEO Douglas L. Kennedy acquired 3,720 shares of the company’s stock in a transaction dated Wednesday, July 23rd. The stock was purchased at an average price of $26.24 per share, with a total value of $97,612.80. Following the completion of the purchase, the chief executive officer owned 39,129 shares in the company, valued at $1,026,744.96. This trade represents a 10.51% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 6.95% of the company’s stock.

Peapack-Gladstone Financial Trading Down 0.4%

Shares of PGC opened at $28.93 on Wednesday. The business’s 50-day moving average price is $27.88 and its 200-day moving average price is $28.02. Peapack-Gladstone Financial Corporation has a twelve month low of $23.96 and a twelve month high of $37.88. The stock has a market cap of $510.56 million, a PE ratio of 15.81 and a beta of 0.92. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.16.

Peapack-Gladstone Financial (NASDAQ:PGC) last announced its quarterly earnings results on Monday, July 21st. The financial services provider reported $0.45 earnings per share for the quarter, missing the consensus estimate of $0.61 by ($0.16). Peapack-Gladstone Financial had a net margin of 7.62% and a return on equity of 5.25%. The company had revenue of $69.74 million for the quarter, compared to the consensus estimate of $69.77 million. On average, equities analysts forecast that Peapack-Gladstone Financial Corporation will post 2.71 EPS for the current fiscal year.

Peapack-Gladstone Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 21st. Shareholders of record on Thursday, August 7th were paid a $0.05 dividend. The ex-dividend date of this dividend was Thursday, August 7th. This represents a $0.20 annualized dividend and a yield of 0.7%. Peapack-Gladstone Financial’s dividend payout ratio is currently 10.93%.

Peapack-Gladstone Financial Company Profile

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 Peapack Private. It offers checking and savings accounts, money market and interest-bearing checking accounts, certificates of deposit, and individual retirement accounts.