Salzhauer Michael Has $7.50 Million Stock Holdings in Peapack-Gladstone Financial Corporation $PGC

Salzhauer Michael lifted its position in Peapack-Gladstone Financial Corporation (NASDAQ:PGC) by 5.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 269,242 shares of the financial services provider’s stock after buying an additional 14,612 shares during the period. Peapack-Gladstone Financial comprises 3.1% of Salzhauer Michael’s holdings, making the stock its 8th largest position. Salzhauer Michael’s holdings in Peapack-Gladstone Financial were worth $7,498,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the company. Wellington Management Group LLP increased its position in shares of Peapack-Gladstone Financial by 67.0% in the 3rd quarter. Wellington Management Group LLP now owns 1,138,723 shares of the financial services provider’s stock valued at $31,429,000 after buying an additional 456,828 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Peapack-Gladstone Financial by 3.0% in the 3rd quarter. Vanguard Group Inc. now owns 974,523 shares of the financial services provider’s stock valued at $26,897,000 after buying an additional 28,489 shares in the last quarter. Two Sigma Investments LP increased its position in shares of Peapack-Gladstone Financial by 59.0% in the 3rd quarter. Two Sigma Investments LP now owns 156,903 shares of the financial services provider’s stock valued at $4,331,000 after buying an additional 58,220 shares in the last quarter. Algert Global LLC increased its position in shares of Peapack-Gladstone Financial by 111.7% in the 3rd quarter. Algert Global LLC now owns 110,179 shares of the financial services provider’s stock valued at $3,041,000 after buying an additional 58,135 shares in the last quarter. Finally, Bridgeway Capital Management LLC increased its stake in Peapack-Gladstone Financial by 4.7% during the 3rd quarter. Bridgeway Capital Management LLC now owns 109,665 shares of the financial services provider’s stock worth $3,027,000 after purchasing an additional 4,935 shares in the last quarter. Institutional investors own 72.75% of the company’s stock.

Analyst Ratings Changes

PGC has been the subject of a number of research reports. Piper Sandler increased their target price on Peapack-Gladstone Financial from $39.00 to $41.00 and gave the stock an “overweight” rating in a research note on Thursday, April 2nd. Weiss Ratings reissued a “hold (c)” rating on shares of Peapack-Gladstone Financial in a research note on Thursday, January 22nd. Finally, Keefe, Bruyette & Woods increased their target price on Peapack-Gladstone Financial from $35.00 to $40.00 and gave the stock an “outperform” rating in a research note on Monday, February 2nd. Two equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $40.50.

Peapack-Gladstone Financial Price Performance

PGC stock opened at $41.75 on Friday. The stock has a 50-day moving average price of $36.21 and a two-hundred day moving average price of $31.33. The stock has a market cap of $733.55 million, a PE ratio of 16.83 and a beta of 0.63. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.15. Peapack-Gladstone Financial Corporation has a 1 year low of $24.42 and a 1 year high of $42.98.

Peapack-Gladstone Financial (NASDAQ:PGC) last released its earnings results on Wednesday, April 22nd. The financial services provider reported $0.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.66 by $0.14. The firm had revenue of $82.49 million during the quarter, compared to analysts’ expectations of $79.17 million. Peapack-Gladstone Financial had a return on equity of 6.82% and a net margin of 9.60%. Equities analysts forecast that Peapack-Gladstone Financial Corporation will post 3.66 EPS for the current fiscal year.

Peapack-Gladstone Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 21st. Stockholders of record on Thursday, May 7th will be paid a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 0.5%. The ex-dividend date of this dividend is Thursday, May 7th. Peapack-Gladstone Financial’s dividend payout ratio (DPR) is currently 8.06%.

Insider Buying and Selling at Peapack-Gladstone Financial

In other news, EVP Maureen Hemhauser sold 5,272 shares of the firm’s stock in a transaction that occurred on Monday, February 9th. The shares were sold at an average price of $35.59, for a total transaction of $187,630.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 5.75% of the stock is owned by corporate insiders.

About Peapack-Gladstone Financial

Peapack-Gladstone Financial Corporation is the parent company of Peapack-Gladstone Bank, a New Jersey-chartered commercial bank headquartered in Bedminster, New Jersey, that trades on the NASDAQ under the symbol PGC. Through Peapack-Gladstone Bank, the company offers a broad range of deposit and lending solutions, including checking and savings accounts, residential and commercial real estate loans, lines of credit and treasury management services. Clients benefit from both in-branch relationship banking and an expanding suite of digital banking tools designed to support personal and business financial needs.

Complementing its core banking operations, Peapack-Gladstone Financial provides wealth management, trust and financial planning services through its subsidiary, Peapack-Gladstone Wealth Management.