Strs Ohio Has $638,000 Stake in Peapack-Gladstone Financial Co. (NASDAQ:PGC)

Strs Ohio increased its holdings in Peapack-Gladstone Financial Co. (NASDAQ:PGC) by 15.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 21,400 shares of the financial services provider’s stock after buying an additional 2,900 shares during the period. Strs Ohio owned 0.12% of Peapack-Gladstone Financial worth $638,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. North Reef Capital Management LP raised its position in shares of Peapack-Gladstone Financial by 77.1% in the third quarter. North Reef Capital Management LP now owns 500,000 shares of the financial services provider’s stock valued at $12,825,000 after buying an additional 217,646 shares in the last quarter. Kennedy Capital Management LLC increased its stake in Peapack-Gladstone Financial by 31.3% in the third quarter. Kennedy Capital Management LLC now owns 299,024 shares of the financial services provider’s stock valued at $7,670,000 after acquiring an additional 71,252 shares during the last quarter. Wellington Management Group LLP increased its stake in Peapack-Gladstone Financial by 22.6% in the third quarter. Wellington Management Group LLP now owns 540,095 shares of the financial services provider’s stock valued at $13,853,000 after acquiring an additional 99,700 shares during the last quarter. Vanguard Group Inc. increased its stake in Peapack-Gladstone Financial by 1.3% in the third quarter. Vanguard Group Inc. now owns 876,954 shares of the financial services provider’s stock valued at $22,494,000 after acquiring an additional 11,345 shares during the last quarter. Finally, Swiss National Bank increased its stake in Peapack-Gladstone Financial by 2.6% in the third quarter. Swiss National Bank now owns 35,700 shares of the financial services provider’s stock valued at $916,000 after acquiring an additional 900 shares during the last quarter. 72.75% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages recently issued reports on PGC. Piper Sandler cut shares of Peapack-Gladstone Financial from an “overweight” rating to a “neutral” rating in a research note on Wednesday. TheStreet cut shares of Peapack-Gladstone Financial from a “b-” rating to a “c+” rating in a research note on Friday, February 23rd. Finally, Keefe, Bruyette & Woods decreased their price objective on shares of Peapack-Gladstone Financial from $33.50 to $30.50 and set an “outperform” rating on the stock in a research note on Friday, April 5th.

Peapack-Gladstone Financial Stock Performance

NASDAQ PGC opened at $22.74 on Friday. The firm’s fifty day moving average price is $23.63 and its two-hundred day moving average price is $25.53. The stock has a market cap of $403.64 million, a PE ratio of 10.43 and a beta of 0.99. Peapack-Gladstone Financial Co. has a fifty-two week low of $21.58 and a fifty-two week high of $31.49. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.98 and a current ratio of 0.98.

Peapack-Gladstone Financial (NASDAQ:PGC) last posted its earnings results on Thursday, January 25th. The financial services provider reported $0.50 earnings per share for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.06). The company had revenue of $54.27 million for the quarter, compared to the consensus estimate of $54.91 million. Peapack-Gladstone Financial had a return on equity of 7.27% and a net margin of 10.11%. On average, equities analysts expect that Peapack-Gladstone Financial Co. will post 2.21 EPS for the current fiscal year.

Peapack-Gladstone Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 23rd. Stockholders of record on Thursday, May 9th will be issued a dividend of $0.05 per share. The ex-dividend date of this dividend is Wednesday, May 8th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.88%. Peapack-Gladstone Financial’s dividend payout ratio (DPR) is presently 9.17%.

Insider Transactions at Peapack-Gladstone Financial

In other news, EVP Gregory Martin Smith sold 4,500 shares of Peapack-Gladstone Financial stock in a transaction on Tuesday, January 30th. The shares were sold at an average price of $30.02, for a total transaction of $135,090.00. Following the transaction, the executive vice president now owns 15,703 shares in the company, valued at $471,404.06. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 7.63% of the stock is 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.