Peapack-Gladstone Financial Co. (NASDAQ:PGC) Stock Position Lifted by Wellington Management Group LLP

Wellington Management Group LLP raised its stake in Peapack-Gladstone Financial Co. (NASDAQ:PGC) by 2.5% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 631,645 shares of the financial services provider’s stock after buying an additional 15,667 shares during the quarter. Wellington Management Group LLP owned 3.59% of Peapack-Gladstone Financial worth $17,313,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD increased its stake in shares of Peapack-Gladstone Financial by 5.8% in 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. Zurcher Kantonalbank Zurich Cantonalbank increased its position 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 worth $75,000 after purchasing an additional 1,350 shares during the last quarter. Acadian Asset Management LLC purchased a new stake in shares of Peapack-Gladstone Financial during the 2nd quarter worth about $1,444,000. Quest Partners LLC lifted its holdings in shares of Peapack-Gladstone Financial by 150.0% during the 2nd quarter. Quest Partners LLC now owns 15,745 shares of the financial services provider’s stock valued at $357,000 after buying an additional 9,446 shares during the last quarter. Finally, American Century Companies Inc. increased its holdings in Peapack-Gladstone Financial by 15.3% in the second quarter. American Century Companies Inc. now owns 275,576 shares of the financial services provider’s stock worth $6,242,000 after buying an additional 36,564 shares during the last quarter. Hedge funds and other institutional investors own 72.75% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have commented on PGC. Piper Sandler raised shares of Peapack-Gladstone Financial from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $30.00 to $35.00 in a research report on Wednesday, October 23rd. Keefe, Bruyette & Woods upped their price objective on shares of Peapack-Gladstone Financial from $38.00 to $44.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th.

Peapack-Gladstone Financial Stock Down 0.6 %

Shares of Peapack-Gladstone Financial stock opened at $35.37 on Friday. Peapack-Gladstone Financial Co. has a 12-month low of $20.30 and a 12-month high of $37.88. 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 50 day moving average price of $33.75 and a two-hundred day moving average price of $28.04. The stock has a market capitalization of $621.98 million, a P/E ratio of 19.54 and a beta of 0.98.

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

Peapack-Gladstone Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Thursday, November 7th were given a dividend of $0.05 per share. The ex-dividend date was Thursday, November 7th. This represents a $0.20 annualized dividend and a dividend yield of 0.57%. Peapack-Gladstone Financial’s dividend payout ratio is presently 11.05%.

Insider Activity at Peapack-Gladstone Financial

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

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.