Peapack-Gladstone Financial Co. (NASDAQ:PGC) Shares Sold by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D cut its stake in shares of Peapack-Gladstone Financial Co. (NASDAQ:PGC) by 26.0% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 89,718 shares of the financial services provider’s stock after selling 31,504 shares during the period. State of New Jersey Common Pension Fund D owned approximately 0.50% of Peapack-Gladstone Financial worth $2,032,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. Dimensional Fund Advisors LP raised its stake in Peapack-Gladstone Financial by 1.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,269,472 shares of the financial services provider’s stock valued at $37,856,000 after purchasing an additional 20,053 shares during the period. Peapack Gladstone Financial Corp raised its position in Peapack-Gladstone Financial by 1.4% during the fourth quarter. Peapack Gladstone Financial Corp now owns 916,250 shares of the financial services provider’s stock valued at $27,322,000 after buying an additional 12,976 shares during the period. Vanguard Group Inc. lifted its stake in Peapack-Gladstone Financial by 1.1% in the 1st quarter. Vanguard Group Inc. now owns 903,093 shares of the financial services provider’s stock worth $21,972,000 after acquiring an additional 9,991 shares in the last quarter. Boston Partners boosted its position in Peapack-Gladstone Financial by 1.6% during the 1st quarter. Boston Partners now owns 762,659 shares of the financial services provider’s stock worth $18,339,000 after acquiring an additional 12,226 shares during the period. Finally, Wellington Management Group LLP grew its stake in Peapack-Gladstone Financial by 4.5% during the 4th quarter. Wellington Management Group LLP now owns 564,178 shares of the financial services provider’s stock valued at $16,824,000 after acquiring an additional 24,083 shares in the last quarter. 72.75% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

Peapack-Gladstone Financial Price Performance

PGC opened at $28.00 on Friday. The stock has a fifty day moving average price of $26.87 and a 200 day moving average price of $24.24. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.23. Peapack-Gladstone Financial Co. has a 1 year low of $20.30 and a 1 year high of $30.68. The stock has a market cap of $495.04 million, a price-to-earnings ratio of 12.84 and a beta of 0.99.

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

Peapack-Gladstone Financial Dividend Announcement

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

Insider Activity

In other news, EVP John P. Babcock sold 10,000 shares of the company’s stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $26.89, for a total transaction of $268,900.00. Following the completion of the sale, the executive vice president now owns 52,155 shares in the company, valued at approximately $1,402,447.95. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 7.63% of the stock is owned by 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.