Assenagon Asset Management S.A. Decreases Stock Holdings in Peapack-Gladstone Financial Co. (NASDAQ:PGC)

Assenagon Asset Management S.A. lessened its holdings in Peapack-Gladstone Financial Co. (NASDAQ:PGC) by 42.2% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 18,144 shares of the financial services provider’s stock after selling 13,246 shares during the period. Assenagon Asset Management S.A.’s holdings in Peapack-Gladstone Financial were worth $411,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Quest Partners LLC acquired a new position in Peapack-Gladstone Financial during the 4th quarter worth approximately $77,000. Denali Advisors LLC acquired a new position in shares of Peapack-Gladstone Financial during the first quarter worth $204,000. BNP Paribas Financial Markets boosted its stake in shares of Peapack-Gladstone Financial by 90.4% in the first quarter. BNP Paribas Financial Markets now owns 8,399 shares of the financial services provider’s stock valued at $204,000 after purchasing an additional 3,987 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in Peapack-Gladstone Financial by 5.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 11,423 shares of the financial services provider’s stock valued at $278,000 after purchasing an additional 628 shares in the last quarter. Finally, Corient Private Wealth LLC purchased a new stake in Peapack-Gladstone Financial during the 4th quarter worth $467,000. Institutional investors and hedge funds own 72.75% of the company’s stock.

Peapack-Gladstone Financial Price Performance

PGC stock opened at $28.13 on Friday. The stock’s 50 day moving average is $24.73 and its two-hundred day moving average is $23.73. Peapack-Gladstone Financial Co. has a 52-week low of $20.30 and a 52-week high of $30.68. The company has a market capitalization of $497.34 million, a PE ratio of 12.90 and a beta of 0.99. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.23.

Peapack-Gladstone Financial (NASDAQ:PGC) last posted its quarterly earnings results on Tuesday, July 23rd. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.42. The firm had revenue of $100.79 million for the quarter, compared to analysts’ expectations of $56.80 million. Peapack-Gladstone Financial had a net margin of 8.50% and a return on equity of 5.91%. Analysts predict that Peapack-Gladstone Financial Co. will post 1.68 earnings per share for the current fiscal year.

Peapack-Gladstone Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 22nd. Stockholders of record on Thursday, August 8th were given a dividend of $0.05 per share. The ex-dividend date of this dividend was Thursday, August 8th. This represents a $0.20 annualized dividend and a dividend yield of 0.71%. Peapack-Gladstone Financial’s payout ratio is 9.17%.

Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods restated an “outperform” rating and set a $32.00 target price (up from $28.00) on shares of Peapack-Gladstone Financial in a research note on Monday, July 29th.

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