Delta Financial Group Inc. Invests $353,000 in Peapack-Gladstone Financial Co. (NASDAQ:PGC)

Delta Financial Group Inc. acquired a new stake in shares of Peapack-Gladstone Financial Co. (NASDAQ:PGC) in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 11,027 shares of the financial services provider’s stock, valued at approximately $353,000. Delta Financial Group Inc. owned about 0.06% of Peapack-Gladstone Financial as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also made changes to their positions in PGC. Jane Street Group LLC boosted its stake in Peapack-Gladstone Financial by 1.6% during the third quarter. Jane Street Group LLC now owns 23,998 shares of the financial services provider’s stock worth $658,000 after buying an additional 387 shares in the last quarter. Albion Financial Group UT acquired a new stake in shares of Peapack-Gladstone Financial during the 4th quarter valued at about $35,000. Point72 Asset Management L.P. boosted its position in shares of Peapack-Gladstone Financial by 157.5% during the 3rd quarter. Point72 Asset Management L.P. now owns 2,400 shares of the financial services provider’s stock valued at $66,000 after acquiring an additional 1,468 shares in the last quarter. Empowered Funds LLC boosted its position in shares of Peapack-Gladstone Financial by 4.9% during the 4th quarter. Empowered Funds LLC now owns 51,121 shares of the financial services provider’s stock valued at $1,638,000 after acquiring an additional 2,411 shares in the last quarter. Finally, Geode Capital Management LLC increased its stake in Peapack-Gladstone Financial by 1.1% in the third quarter. Geode Capital Management LLC now owns 378,780 shares of the financial services provider’s stock valued at $10,385,000 after acquiring an additional 4,172 shares during the period. Institutional investors own 72.75% of the company’s stock.

Analyst Ratings Changes

Separately, Keefe, Bruyette & Woods lifted their price objective on Peapack-Gladstone Financial from $38.00 to $44.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th.

Peapack-Gladstone Financial Price Performance

Shares of PGC stock opened at $32.65 on Monday. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.97 and a quick ratio of 0.97. The stock’s fifty day simple moving average is $32.63 and its 200 day simple moving average is $31.28. Peapack-Gladstone Financial Co. has a one year low of $20.30 and a one year high of $37.88. The firm has a market cap of $573.99 million, a price-to-earnings ratio of 17.65 and a beta of 0.99.

Peapack-Gladstone Financial (NASDAQ:PGC) last posted its earnings results on Tuesday, January 28th. The financial services provider reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.45 by $0.07. Peapack-Gladstone Financial had a net margin of 8.11% and a return on equity of 5.57%. On average, analysts expect that Peapack-Gladstone Financial Co. will post 2.71 earnings per share for the current fiscal year.

Peapack-Gladstone Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 21st. Stockholders of record on Thursday, February 6th were issued a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 0.61%. The ex-dividend date of this dividend was Thursday, February 6th. Peapack-Gladstone Financial’s payout ratio is 10.81%.

Insider Transactions at Peapack-Gladstone Financial

In other news, EVP Gregory Martin Smith sold 17,633 shares of the stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $31.95, for a total transaction of $563,374.35. Following the sale, the executive vice president now owns 297 shares in the company, valued at approximately $9,489.15. This represents a 98.34 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 7.63% of the company’s stock.

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.