Peapack-Gladstone Financial Co. (NASDAQ:PGC) Shares Sold by Quest Partners LLC

Quest Partners LLC trimmed its position in shares of Peapack-Gladstone Financial Co. (NASDAQ:PGC) by 62.7% in the 3rd quarter, Holdings Channel.com reports. The firm owned 5,871 shares of the financial services provider’s stock after selling 9,874 shares during the period. Quest Partners LLC’s holdings in Peapack-Gladstone Financial were worth $161,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of PGC. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Peapack-Gladstone Financial by 68.4% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,324 shares of the financial services provider’s stock valued at $75,000 after acquiring an additional 1,350 shares during the period. Algert Global LLC acquired a new stake in shares of Peapack-Gladstone Financial in the second quarter valued at approximately $209,000. Sei Investments Co. acquired a new position in shares of Peapack-Gladstone Financial during the 2nd quarter valued at about $214,000. Cubist Systematic Strategies LLC purchased a new position in Peapack-Gladstone Financial during the second quarter worth about $223,000. Finally, Price T Rowe Associates Inc. MD increased its stake in Peapack-Gladstone Financial by 5.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 11,423 shares of the financial services provider’s stock worth $278,000 after acquiring an additional 628 shares during the last quarter. 72.75% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Peapack-Gladstone Financial

In related news, EVP John P. Babcock sold 3,000 shares of the firm’s stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $32.29, for a total transaction of $96,870.00. Following the transaction, the executive vice president now owns 49,155 shares of the company’s stock, valued at $1,587,214.95. This trade represents a 5.75 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 7.63% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Separately, Piper Sandler upgraded Peapack-Gladstone Financial from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $30.00 to $35.00 in a research report on Wednesday, October 23rd.

Peapack-Gladstone Financial Stock Performance

Shares of PGC stock opened at $36.43 on Friday. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.22. The stock has a market capitalization of $640.62 million, a PE ratio of 20.13 and a beta of 0.96. The firm has a 50 day moving average of $31.76 and a two-hundred day moving average of $27.07. Peapack-Gladstone Financial Co. has a 52 week low of $20.30 and a 52 week high of $37.88.

Peapack-Gladstone Financial (NASDAQ:PGC) last announced its quarterly earnings data on Tuesday, October 22nd. The financial services provider reported $0.43 earnings per share for the quarter, beating analysts’ consensus estimates of $0.37 by $0.06. Peapack-Gladstone Financial had a net margin of 8.12% and a return on equity of 5.55%. The business had revenue of $102.14 million for the quarter, compared to analyst estimates of $58.24 million. On average, research analysts predict that Peapack-Gladstone Financial Co. will post 1.82 EPS for the current fiscal year.

Peapack-Gladstone Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Thursday, November 7th were given a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.55%. The ex-dividend date was Thursday, November 7th. Peapack-Gladstone Financial’s dividend payout ratio (DPR) is 11.05%.

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