CW Advisors LLC Purchases New Position in Peapack-Gladstone Financial Corporation $PGC

Key Points

• CW Advisors LLC purchased 22,054 shares of Peapack-Gladstone Financial Corporation, valued at approximately $639,000, enhancing its stake to around 0.13% of the company.
• Peapack-Gladstone's stock experienced a 2.7% increase, bringing its current share price to $28.76, with a market capitalization of approximately $507.61 million.
• The company reported earnings per share of $0.45 for the last quarter, which was below analysts' expectations of $0.61 per share, alongside a quarterly dividend of $0.05 per share.

CW Advisors LLC bought a new stake in Peapack-Gladstone Financial Corporation (NASDAQ:PGC - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 22,054 shares of the financial services provider's stock, valued at approximately $639,000. CW Advisors LLC owned approximately 0.13% of Peapack-Gladstone Financial as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of PGC. Wells Fargo & Company MN grew its holdings in Peapack-Gladstone Financial by 28.4% during the fourth quarter. Wells Fargo & Company MN now owns 11,772 shares of the financial services provider's stock valued at $377,000 after purchasing an additional 2,606 shares during the period. Invesco Ltd. grew its holdings in Peapack-Gladstone Financial by 12.7% during the fourth quarter. Invesco Ltd. now owns 47,581 shares of the financial services provider's stock valued at $1,525,000 after purchasing an additional 5,367 shares during the period. Barclays PLC grew its holdings in Peapack-Gladstone Financial by 2.5% during the fourth quarter. Barclays PLC now owns 34,491 shares of the financial services provider's stock valued at $1,105,000 after purchasing an additional 835 shares during the period. Dimensional Fund Advisors LP grew its holdings in Peapack-Gladstone Financial by 0.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,117,333 shares of the financial services provider's stock valued at $35,811,000 after purchasing an additional 10,221 shares during the period. Finally, Tower Research Capital LLC TRC grew its holdings in Peapack-Gladstone Financial by 389.8% during the fourth quarter. Tower Research Capital LLC TRC now owns 6,617 shares of the financial services provider's stock valued at $212,000 after purchasing an additional 5,266 shares during the period. 72.75% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have weighed in on PGC. Wall Street Zen lowered Peapack-Gladstone Financial from a "hold" rating to a "sell" rating in a report on Friday, August 22nd. Keefe, Bruyette & Woods dropped their price objective on Peapack-Gladstone Financial from $38.00 to $35.00 and set an "outperform" rating on the stock in a report on Wednesday, July 23rd. One equities research analyst has rated the stock with a Strong Buy rating and two have given a Buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus target price of $36.33.

Peapack-Gladstone Financial Price Performance

NASDAQ:PGC traded up $0.11 during trading hours on Friday, hitting $29.01. 79,128 shares of the company's stock traded hands, compared to its average volume of 99,187. The business's fifty day simple moving average is $27.74 and its two-hundred day simple moving average is $28.28. Peapack-Gladstone Financial Corporation has a 52 week low of $23.96 and a 52 week high of $37.88. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.16. The firm has a market cap of $512.03 million, a P/E ratio of 15.85 and a beta of 0.91.

Peapack-Gladstone Financial (NASDAQ:PGC - Get Free Report) last released its quarterly earnings results on Monday, July 21st. The financial services provider reported $0.45 earnings per share for the quarter, missing analysts' consensus estimates of $0.61 by ($0.16). Peapack-Gladstone Financial had a net margin of 7.62% and a return on equity of 5.25%. The firm had revenue of $69.74 million for the quarter, compared to analysts' expectations of $69.77 million. On average, research analysts anticipate that Peapack-Gladstone Financial Corporation will post 2.71 earnings per share for the current fiscal year.

Peapack-Gladstone Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 21st. Stockholders of record on Thursday, August 7th were issued a $0.05 dividend. The ex-dividend date was Thursday, August 7th. This represents a $0.20 annualized dividend and a dividend yield of 0.7%. Peapack-Gladstone Financial's payout ratio is currently 10.93%.

Insider Activity at Peapack-Gladstone Financial

In related news, CEO Douglas L. Kennedy acquired 3,720 shares of the firm's stock in a transaction dated Wednesday, July 23rd. The shares were purchased at an average price of $26.24 per share, for a total transaction of $97,612.80. Following the completion of the acquisition, the chief executive officer owned 39,129 shares in the company, valued at approximately $1,026,744.96. This represents a 10.51% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 7.63% of the company's stock.

About Peapack-Gladstone Financial

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.