Basswood Capital Management L.L.C. Invests $7.93 Million in Peapack-Gladstone Financial Co. (NASDAQ:PGC)

Basswood Capital Management L.L.C. acquired a new position in shares of Peapack-Gladstone Financial Co. (NASDAQ:PGC - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 247,360 shares of the financial services provider's stock, valued at approximately $7,928,000. Basswood Capital Management L.L.C. owned approximately 1.41% of Peapack-Gladstone Financial at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the stock. Aquatic Capital Management LLC bought a new position in shares of Peapack-Gladstone Financial in the fourth quarter worth approximately $32,000. Albion Financial Group UT bought a new stake in shares of Peapack-Gladstone Financial in the fourth quarter worth about $35,000. KLP Kapitalforvaltning AS purchased a new position in Peapack-Gladstone Financial during the 4th quarter valued at about $112,000. Quantbot Technologies LP raised its position in Peapack-Gladstone Financial by 507.2% during the 4th quarter. Quantbot Technologies LP now owns 5,902 shares of the financial services provider's stock valued at $189,000 after purchasing an additional 4,930 shares during the last quarter. Finally, The Manufacturers Life Insurance Company purchased a new stake in Peapack-Gladstone Financial in the 4th quarter worth approximately $201,000. 72.75% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Peapack-Gladstone Financial

In other news, EVP John P. Babcock sold 10,000 shares of the business's stock in a transaction on Wednesday, March 19th. The shares were sold at an average price of $28.76, for a total value of $287,600.00. Following the transaction, the executive vice president now owns 39,155 shares of the company's stock, valued at approximately $1,126,097.80. The trade was a 20.34 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Douglas L. Kennedy sold 20,000 shares of the firm's stock in a transaction on Monday, March 17th. The shares were sold at an average price of $28.91, for a total transaction of $578,200.00. Following the transaction, the chief executive officer now directly owns 43,703 shares of the company's stock, valued at $1,263,453.73. The trade was a 31.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 40,000 shares of company stock valued at $1,152,650 over the last ninety days. 7.63% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

PGC has been the topic of several research analyst reports. Keefe, Bruyette & Woods reduced their price target on shares of Peapack-Gladstone Financial from $40.00 to $38.00 and set an "outperform" rating on the stock in a research report on Thursday, April 24th. Raymond James assumed coverage on Peapack-Gladstone Financial in a research report on Friday, April 11th. They issued a "strong-buy" rating and a $39.00 target price for the company.

Peapack-Gladstone Financial Stock Performance

Shares of NASDAQ:PGC traded down $0.22 during trading on Friday, hitting $28.30. The company's stock had a trading volume of 13,167 shares, compared to its average volume of 98,957. 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 firm has a market cap of $497.97 million, a price-to-earnings ratio of 15.30 and a beta of 0.87. The company has a 50-day moving average of $27.81 and a 200-day moving average of $31.63. Peapack-Gladstone Financial Co. has a 12 month low of $20.30 and a 12 month high of $37.88.

Peapack-Gladstone Financial (NASDAQ:PGC - Get Free Report) last released its earnings results on Tuesday, April 22nd. The financial services provider reported $0.43 EPS for the quarter, missing analysts' consensus estimates of $0.51 by ($0.08). The firm had revenue of $64.36 million for the quarter, compared to the consensus estimate of $64.07 million. Peapack-Gladstone Financial had a return on equity of 5.57% and a net margin of 8.11%. On average, sell-side analysts expect that Peapack-Gladstone Financial Co. will post 2.71 earnings per share for the current year.

Peapack-Gladstone Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 22nd. Shareholders of record on Thursday, May 8th will be paid a $0.05 dividend. The ex-dividend date is Thursday, May 8th. This represents a $0.20 dividend on an annualized basis and a yield of 0.71%. Peapack-Gladstone Financial's payout ratio is presently 11.11%.

Peapack-Gladstone Financial Profile

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.