Peapack-Gladstone Financial Corporation $PGC Stock Sold by Philadelphia Trust Co.

Philadelphia Trust Co. lessened its stake in shares of Peapack-Gladstone Financial Corporation (NASDAQ:PGC) by 4.5% during the third quarter, Holdings Channel.com reports. The firm owned 588,954 shares of the financial services provider’s stock after selling 27,470 shares during the period. Peapack-Gladstone Financial accounts for about 1.7% of Philadelphia Trust Co.’s portfolio, making the stock its 15th biggest position. Philadelphia Trust Co.’s holdings in Peapack-Gladstone Financial were worth $25,690,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in PGC. BlackRock Inc. acquired a new stake in Peapack-Gladstone Financial in the 2nd quarter valued at $75,599,000. Basswood Capital Management L.L.C. bought a new stake in Peapack-Gladstone Financial during the 2nd quarter valued at $13,778,000. Bank of America Corp DE bought a new stake in Peapack-Gladstone Financial during the 2nd quarter valued at $5,411,000. Empowered Funds LLC acquired a new position in Peapack-Gladstone Financial during the second quarter worth $3,841,000. Finally, Bank of New York Mellon Corp acquired a new position in Peapack-Gladstone Financial during the second quarter worth $2,292,000. 72.75% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, EVP Maureen Hemhauser sold 2,297 shares of the stock in a transaction that occurred on Monday, September 21st. The shares were sold at an average price of $45.32, for a total transaction of $104,100.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Gregory Smith sold 1,250 shares of the firm’s stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $44.66, for a total transaction of $55,825.00. Following the sale, the executive vice president owned 12,622 shares of the company’s stock, valued at approximately $563,698.52. The trade was a 9.01% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 5.75% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on PGC. Wall Street Zen lowered shares of Peapack-Gladstone Financial from a “buy” rating to a “hold” rating in a research note on Sunday, July 26th. Zacks Research downgraded shares of Peapack-Gladstone Financial from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 29th. Piper Sandler upped their target price on shares of Peapack-Gladstone Financial from $54.00 to $58.00 and gave the stock an “overweight” rating in a report on Wednesday, July 29th. Keefe, Bruyette & Woods restated a “moderate buy” rating and issued a $56.00 target price (up from $55.00) on shares of Peapack-Gladstone Financial in a report on Monday, August 3rd. Finally, Raymond James Financial cut shares of Peapack-Gladstone Financial from a “strong-buy” rating to a “market perform” rating in a research report on Thursday, October 29th. Three analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $56.33.

Peapack-Gladstone Financial Price Performance

Shares of Peapack-Gladstone Financial stock opened at $46.18 on Wednesday. Peapack-Gladstone Financial Corporation has a 1 year low of $24.75 and a 1 year high of $49.14. The firm has a market cap of $819.23 million, a PE ratio of 13.97 and a beta of 0.74. The stock has a fifty day moving average price of $44.96 and a 200-day moving average price of $41.74.

Peapack-Gladstone Financial (NASDAQ:PGC) last issued its quarterly earnings results on Tuesday, October 27th. The financial services provider reported $0.99 earnings per share for the quarter, topping analysts’ consensus estimates of $0.92 by $0.07. The company had revenue of $88.50 million for the quarter, compared to the consensus estimate of $90.13 million. Peapack-Gladstone Financial had a net margin of 12.69% and a return on equity of 9.08%. As a group, equities analysts anticipate that Peapack-Gladstone Financial Corporation will post 3.64 EPS for the current fiscal year.

Peapack-Gladstone Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 27th. Investors of record on Thursday, November 12th will be issued a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date is Thursday, November 12th. Peapack-Gladstone Financial’s dividend payout ratio (DPR) is 6.01%.

Peapack-Gladstone Financial Company Profile

Peapack-Gladstone Financial Corporation is a bank holding company whose principal subsidiary, Peapack-Gladstone Bank, provides commercial banking and wealth management services. The bank serves individuals, families, businesses and nonprofit organizations, with a focus on personalized banking and financial advice. Its services include deposits, lending, cash management and other banking solutions, as well as investment management, trust and fiduciary services, financial planning and private banking through its Peapack Private business.