Prudential Financial Inc. Decreases Position in Peapack-Gladstone Financial Co. (NASDAQ:PGC)

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Prudential Financial Inc. cut its position in Peapack-Gladstone Financial Co. (NASDAQ:PGC) by 1.3% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 122,250 shares of the financial services provider’s stock after selling 1,660 shares during the period. Prudential Financial Inc.’s holdings in Peapack-Gladstone Financial were worth $3,437,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the business. Bank of America Corp DE raised its holdings in shares of Peapack-Gladstone Financial by 31.8% during the fourth quarter. Bank of America Corp DE now owns 15,382 shares of the financial services provider’s stock valued at $387,000 after purchasing an additional 3,709 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Peapack-Gladstone Financial by 8.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,126,448 shares of the financial services provider’s stock valued at $28,364,000 after purchasing an additional 83,659 shares during the last quarter. BNP Paribas Arbitrage SA raised its holdings in shares of Peapack-Gladstone Financial by 78,720.0% during the first quarter. BNP Paribas Arbitrage SA now owns 3,941 shares of the financial services provider’s stock valued at $103,000 after purchasing an additional 3,936 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Peapack-Gladstone Financial by 422.0% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,331 shares of the financial services provider’s stock valued at $35,000 after purchasing an additional 1,076 shares during the last quarter. Finally, SG Americas Securities LLC purchased a new position in shares of Peapack-Gladstone Financial during the first quarter valued at approximately $120,000. 72.64% of the stock is owned by institutional investors and hedge funds.

Shares of PGC traded up $0.29 during mid-day trading on Friday, hitting $29.56. 46,550 shares of the company traded hands, compared to its average volume of 80,325. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.05 and a current ratio of 1.05. The stock has a 50-day moving average price of $27.68 and a two-hundred day moving average price of $27.74. Peapack-Gladstone Financial Co. has a 1 year low of $23.96 and a 1 year high of $32.68. The stock has a market cap of $569.49 million, a price-to-earnings ratio of 12.84, a P/E/G ratio of 2.16 and a beta of 1.00.

Peapack-Gladstone Financial (NASDAQ:PGC) last released its quarterly earnings data on Friday, July 26th. The financial services provider reported $0.59 earnings per share for the quarter, missing the consensus estimate of $0.61 by ($0.02). Peapack-Gladstone Financial had a net margin of 20.28% and a return on equity of 9.36%. The company had revenue of $42.29 million for the quarter, compared to analysts’ expectations of $42.92 million. On average, analysts forecast that Peapack-Gladstone Financial Co. will post 2.38 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 22nd. Stockholders of record on Thursday, August 8th were issued a dividend of $0.05 per share. The ex-dividend date was Wednesday, August 7th. This represents a $0.20 annualized dividend and a dividend yield of 0.68%. Peapack-Gladstone Financial’s payout ratio is 8.66%.

Separately, BidaskClub cut shares of Peapack-Gladstone Financial from a “buy” rating to a “hold” rating in a report on Friday. One analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the stock. Peapack-Gladstone Financial has an average rating of “Hold” and a consensus target price of $36.50.

In related news, EVP John P. Babcock sold 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 10th. The shares were sold at an average price of $28.30, for a total transaction of $56,600.00. Following the completion of the sale, the executive vice president now directly owns 45,620 shares in the company, valued at $1,291,046. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Vincent A. Spero sold 3,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $27.92, for a total transaction of $83,760.00. Following the sale, the executive vice president now owns 40,029 shares of the company’s stock, valued at $1,117,609.68. The disclosure for this sale can be found here. Insiders have sold 15,000 shares of company stock valued at $413,120 over the last three months. 4.13% of the stock is owned by corporate insiders.

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

Read More: Understanding the Price to Earnings Ratio (PE)

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Institutional Ownership by Quarter for Peapack-Gladstone Financial (NASDAQ:PGC)

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