Basswood Capital Management L.L.C. Acquires Shares of 291,105 Peapack-Gladstone Financial Corporation $PGC

Basswood Capital Management L.L.C. bought a new position in Peapack-Gladstone Financial Corporation (NASDAQ:PGC) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 291,105 shares of the financial services provider’s stock, valued at approximately $13,778,000. Basswood Capital Management L.L.C. owned about 1.64% of Peapack-Gladstone Financial at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Royal Bank of Canada increased its holdings in shares of Peapack-Gladstone Financial by 40.4% in the first quarter. Royal Bank of Canada now owns 10,675 shares of the financial services provider’s stock valued at $302,000 after purchasing an additional 3,070 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Peapack-Gladstone Financial by 4.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,939 shares of the financial services provider’s stock worth $282,000 after buying an additional 390 shares in the last quarter. Empowered Funds LLC lifted its holdings in Peapack-Gladstone Financial by 8.5% during the 1st quarter. Empowered Funds LLC now owns 55,450 shares of the financial services provider’s stock worth $1,575,000 after buying an additional 4,329 shares in the last quarter. Jane Street Group LLC boosted its position in Peapack-Gladstone Financial by 119.7% in the 1st quarter. Jane Street Group LLC now owns 52,173 shares of the financial services provider’s stock valued at $1,482,000 after buying an additional 28,428 shares during the last quarter. Finally, Legal & General Group Plc increased its stake in shares of Peapack-Gladstone Financial by 13.9% in the 2nd quarter. Legal & General Group Plc now owns 15,898 shares of the financial services provider’s stock valued at $449,000 after buying an additional 1,945 shares during the period. 72.75% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Peapack-Gladstone Financial

In related news, EVP John P. Babcock sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, June 29th. The shares were sold at an average price of $47.11, for a total transaction of $235,550.00. Following the completion of the transaction, the executive vice president owned 45,582 shares in the company, valued at approximately $2,147,368.02. The trade was a 9.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Anthony W. Spinelli sold 2,000 shares of the company’s stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $44.63, for a total transaction of $89,260.00. Following the completion of the sale, the director directly owned 11,742 shares of the company’s stock, valued at $524,045.46. The trade was a 14.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 8,100 shares of company stock worth $377,170 in the last ninety days. Company insiders own 5.75% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on PGC shares. Wall Street Zen downgraded Peapack-Gladstone Financial from a “buy” rating to a “hold” rating in a research report on Sunday, July 26th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Peapack-Gladstone Financial in a report on Friday, August 7th. Keefe, Bruyette & Woods reiterated a “moderate buy” rating and issued a $56.00 price objective (up from $55.00) on shares of Peapack-Gladstone Financial in a research report on Monday, August 3rd. Raymond James Financial boosted their price objective on Peapack-Gladstone Financial from $49.00 to $55.00 and gave the stock a “strong-buy” rating in a report on Wednesday, July 1st. Finally, Piper Sandler upped their target price on shares of Peapack-Gladstone Financial from $54.00 to $58.00 and gave the company an “overweight” rating in a research report on Wednesday, July 29th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, Peapack-Gladstone Financial currently has a consensus rating of “Buy” and a consensus price target of $56.33.

Peapack-Gladstone Financial Stock Performance

Shares of Peapack-Gladstone Financial stock opened at $45.18 on Thursday. The firm has a fifty day moving average of $46.24 and a two-hundred day moving average of $41.23. The stock has a market capitalization of $801.04 million, a price-to-earnings ratio of 15.69 and a beta of 0.71. Peapack-Gladstone Financial Corporation has a 52 week low of $24.71 and a 52 week high of $49.14.

Peapack-Gladstone Financial (NASDAQ:PGC) last announced its quarterly earnings data on Monday, July 27th. The financial services provider reported $0.85 EPS for the quarter, missing analysts’ consensus estimates of $0.88 by ($0.03). The company had revenue of $86.05 million for the quarter, compared to analyst estimates of $85.17 million. Peapack-Gladstone Financial had a return on equity of 7.82% and a net margin of 11.09%. As a group, research analysts forecast that Peapack-Gladstone Financial Corporation will post 3.58 EPS for the current fiscal year.

Peapack-Gladstone Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 27th. Stockholders of record on Thursday, August 13th will be paid a $0.05 dividend. The ex-dividend date of this dividend is Thursday, August 13th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.4%. Peapack-Gladstone Financial’s dividend payout ratio is 6.94%.

Peapack-Gladstone Financial Company Profile

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.