Panagora Asset Management Inc. raised its stake in shares of Peapack-Gladstone Financial Co. (NASDAQ:PGC – Get Rating) by 22.1% during the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 105,063 shares of the financial services provider’s stock after purchasing an additional 19,011 shares during the quarter. Panagora Asset Management Inc. owned 0.59% of Peapack-Gladstone Financial worth $3,910,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Quadrant Capital Group LLC increased its stake in Peapack-Gladstone Financial by 1,576.8% in the third quarter. Quadrant Capital Group LLC now owns 939 shares of the financial services provider’s stock valued at $32,000 after acquiring an additional 883 shares during the period. Lazard Asset Management LLC bought a new stake in Peapack-Gladstone Financial in the first quarter valued at about $35,000. Livforsakringsbolaget Skandia Omsesidigt bought a new stake in Peapack-Gladstone Financial in the third quarter valued at about $54,000. AXS Investments LLC bought a new stake in Peapack-Gladstone Financial in the fourth quarter valued at about $68,000. Finally, Tower Research Capital LLC TRC increased its stake in Peapack-Gladstone Financial by 355.3% in the third quarter. Tower Research Capital LLC TRC now owns 2,427 shares of the financial services provider’s stock valued at $81,000 after acquiring an additional 1,894 shares during the period. Institutional investors own 72.99% of the company’s stock.
Insider Transactions at Peapack-Gladstone Financial
In related news, COO Robert A. Plante bought 1,500 shares of Peapack-Gladstone Financial stock in a transaction dated Friday, April 28th. The shares were bought at an average cost of $26.60 per share, for a total transaction of $39,900.00. Following the completion of the transaction, the chief operating officer now owns 3,932 shares of the company’s stock, valued at $104,591.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, EVP John P. Babcock sold 5,000 shares of the stock in a transaction that occurred on Monday, March 27th. The shares were sold at an average price of $30.59, for a total value of $152,950.00. Following the transaction, the executive vice president now directly owns 71,242 shares in the company, valued at $2,179,292.78. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Robert A. Plante acquired 1,500 shares of the business’s stock in a transaction that occurred on Friday, April 28th. The stock was acquired at an average price of $26.60 per share, for a total transaction of $39,900.00. Following the completion of the acquisition, the chief operating officer now directly owns 3,932 shares of the company’s stock, valued at $104,591.20. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 6,780 shares of company stock worth $192,830. Corporate insiders own 7.63% of the company’s stock.
Analyst Ratings Changes
A number of analysts recently weighed in on PGC shares. StockNews.com started coverage on shares of Peapack-Gladstone Financial in a research note on Thursday, May 18th. They issued a “hold” rating on the stock. Keefe, Bruyette & Woods reduced their price target on shares of Peapack-Gladstone Financial from $48.00 to $43.00 and set an “outperform” rating on the stock in a research report on Thursday, April 6th.
Peapack-Gladstone Financial Price Performance
NASDAQ:PGC opened at $29.30 on Friday. The firm has a market cap of $527.99 million, a PE ratio of 6.81 and a beta of 1.03. Peapack-Gladstone Financial Co. has a 12 month low of $22.88 and a 12 month high of $42.19. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.25. The company’s 50-day moving average price is $27.11 and its two-hundred day moving average price is $33.19.
Peapack-Gladstone Financial Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Monday, May 22nd. Stockholders of record on Monday, May 8th were given a dividend of $0.05 per share. The ex-dividend date of this dividend was Friday, May 5th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.68%. Peapack-Gladstone Financial’s payout ratio is 4.65%.
Peapack-Gladstone Financial Company Profile
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Peapack-Gladstone Financial Corp. is a bank holding company, which engages in the provision of private banking services to businesses, non-profits, and consumers. It operates through the Banking and Peapack Private segments. The Banking segment is involved in the delivery of loan and deposit products to customers.
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