48,431 Shares in Peapack-Gladstone Financial Corporation $PGC Purchased by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon acquired 48,431 PGC shares worth approximately $2.29 million, while institutional investors collectively own 72.75% of Peapack-Gladstone Financial.
• Analyst sentiment remains positive, with a consensus “Buy” rating and an average price target of $56.33, despite two firms downgrading the stock to “Hold.”
• PGC reported quarterly EPS of $0.85, below the $0.88 consensus estimate, while revenue of $86.05 million exceeded expectations; the company also paid a $0.05 quarterly dividend.

Bank of New York Mellon Corp acquired a new position in shares of Peapack-Gladstone Financial Corporation (NASDAQ:PGC - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 48,431 shares of the financial services provider's stock, valued at approximately $2,292,000. Bank of New York Mellon Corp owned about 0.27% of Peapack-Gladstone Financial at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of PGC. Wellington Management Group LLP increased its position in shares of Peapack-Gladstone Financial by 67.0% during the 3rd quarter. Wellington Management Group LLP now owns 1,138,723 shares of the financial services provider's stock valued at $31,429,000 after purchasing an additional 456,828 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Peapack-Gladstone Financial by 1.4% in the first quarter. Dimensional Fund Advisors LP now owns 1,035,091 shares of the financial services provider's stock worth $36,445,000 after buying an additional 14,582 shares during the last quarter. Vanguard Group Inc. lifted its position in Peapack-Gladstone Financial by 3.0% in the third quarter. Vanguard Group Inc. now owns 974,523 shares of the financial services provider's stock worth $26,897,000 after buying an additional 28,489 shares during the last quarter. State Street Corp boosted its stake in Peapack-Gladstone Financial by 6.2% during the fourth quarter. State Street Corp now owns 549,447 shares of the financial services provider's stock worth $15,302,000 after buying an additional 31,917 shares during the period. Finally, Geode Capital Management LLC boosted its stake in Peapack-Gladstone Financial by 1.2% during the fourth quarter. Geode Capital Management LLC now owns 452,521 shares of the financial services provider's stock worth $12,605,000 after buying an additional 5,260 shares during the period. Hedge funds and other institutional investors own 72.75% of the company's stock.

Insider Buying and Selling

In other news, EVP Gregory Smith sold 1,250 shares of the business's stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $44.66, for a total value of $55,825.00. Following the completion of the transaction, the executive vice president directly 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP John P. Babcock sold 5,000 shares of Peapack-Gladstone Financial stock in a transaction dated Monday, June 29th. The shares were sold at an average price of $47.11, for a total value of $235,550.00. Following the completion of the transaction, the executive vice president owned 45,582 shares in the company, valued at $2,147,368.02. This trade represents a 9.88% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 7,350 shares of company stock valued at $343,735 over the last 90 days. Corporate insiders own 5.75% of the company's stock.

Analyst Ratings Changes

PGC has been the subject of several analyst reports. Raymond James Financial raised their target price on shares of Peapack-Gladstone Financial from $49.00 to $55.00 and gave the stock a "strong-buy" rating in a report on Wednesday, July 1st. Wall Street Zen lowered Peapack-Gladstone Financial from a "buy" rating to a "hold" rating in a research report on Sunday, July 26th. Zacks Research cut Peapack-Gladstone Financial from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, July 29th. Weiss Ratings reiterated a "buy (b-)" rating on shares of Peapack-Gladstone Financial in a report on Friday, August 7th. Finally, Piper Sandler raised their price target on Peapack-Gladstone Financial from $54.00 to $58.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 29th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and an average price target of $56.33.

Peapack-Gladstone Financial Stock Performance

Shares of PGC stock opened at $46.38 on Tuesday. Peapack-Gladstone Financial Corporation has a twelve month low of $24.71 and a twelve month high of $49.14. The stock has a market capitalization of $822.32 million, a price-to-earnings ratio of 16.10 and a beta of 0.70. The stock has a fifty day simple moving average of $46.14 and a two-hundred day simple moving average of $41.85.

Peapack-Gladstone Financial (NASDAQ:PGC - Get Free Report) last posted its earnings results 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). Peapack-Gladstone Financial had a net margin of 11.09% and a return on equity of 7.82%. The business had revenue of $86.05 million for the quarter, compared to analysts' expectations of $85.17 million. Research analysts predict that Peapack-Gladstone Financial Corporation will post 3.58 EPS for the current fiscal year.

Peapack-Gladstone Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 27th. Investors of record on Thursday, August 13th were issued a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 0.4%. The ex-dividend date of this dividend was Thursday, August 13th. Peapack-Gladstone Financial's dividend payout ratio (DPR) is presently 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.

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