UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Boosts Holdings in Peapack-Gladstone Financial Co. (NASDAQ:PGC)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Peapack-Gladstone Financial Co. (NASDAQ:PGC) by 108.4% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 26,195 shares of the financial services provider’s stock after acquiring an additional 13,623 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC’s holdings in Peapack-Gladstone Financial were worth $718,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in PGC. American Century Companies Inc. boosted its holdings in Peapack-Gladstone Financial by 15.3% during the 2nd quarter. American Century Companies Inc. now owns 275,576 shares of the financial services provider’s stock valued at $6,242,000 after acquiring an additional 36,564 shares during the period. Salzhauer Michael grew its holdings in shares of Peapack-Gladstone Financial by 5.1% in the second quarter. Salzhauer Michael now owns 152,339 shares of the financial services provider’s stock worth $3,450,000 after purchasing an additional 7,429 shares during the last quarter. AQR Capital Management LLC grew its holdings in shares of Peapack-Gladstone Financial by 45.6% in the second quarter. AQR Capital Management LLC now owns 95,930 shares of the financial services provider’s stock worth $2,173,000 after purchasing an additional 30,031 shares during the last quarter. Acadian Asset Management LLC purchased a new position in Peapack-Gladstone Financial in the 2nd quarter worth about $1,444,000. Finally, Empowered Funds LLC lifted its holdings in Peapack-Gladstone Financial by 5.2% during the 3rd quarter. Empowered Funds LLC now owns 48,710 shares of the financial services provider’s stock valued at $1,335,000 after buying an additional 2,412 shares in the last quarter. Institutional investors own 72.75% of the company’s stock.

Analyst Upgrades and Downgrades

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

Peapack-Gladstone Financial Stock Up 0.4 %

NASDAQ:PGC opened at $32.65 on Friday. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.97 and a quick ratio of 0.97. Peapack-Gladstone Financial Co. has a 1-year low of $20.30 and a 1-year high of $37.88. The company has a 50-day moving average of $34.28 and a 200 day moving average of $28.38. The firm has a market cap of $574.15 million, a PE ratio of 18.04 and a beta of 0.98.

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

Peapack-Gladstone Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Thursday, November 7th were issued a $0.05 dividend. The ex-dividend date of this dividend was Thursday, November 7th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.61%. Peapack-Gladstone Financial’s dividend payout ratio is presently 11.05%.

Insider Buying and Selling

In related news, EVP John P. Babcock sold 3,000 shares of the business’s stock in a transaction that occurred 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 owns 49,155 shares in the company, valued at $1,587,214.95. The trade was a 5.75 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 7.63% of the stock is currently owned by company 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.