Algert Global LLC Buys 26,880 Shares of Peapack-Gladstone Financial Corporation $PGC

Key Points

• Algert Global increased its Peapack-Gladstone Financial stake by 8.2% in the second quarter, adding 26,880 shares to hold 356,295 shares worth approximately $16.9 million. Institutional investors collectively own 72.75% of PGC.
• PGC reported quarterly earnings of $0.85 per share, missing analysts’ $0.88 estimate, while revenue of $86.05 million exceeded expectations. Shares recently opened at $45.33, within a 52-week range of $24.71 to $49.14.
• The company declared a quarterly dividend of $0.05 per share, equivalent to a 0.4% annualized yield. Analysts maintain a consensus “Buy” rating with an average price target of $56.33, although insiders sold 8,100 shares over the past 90 days.

Algert Global LLC lifted its position in Peapack-Gladstone Financial Corporation (NASDAQ:PGC - Free Report) by 8.2% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 356,295 shares of the financial services provider's stock after acquiring an additional 26,880 shares during the quarter. Algert Global LLC owned 2.01% of Peapack-Gladstone Financial worth $16,863,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. BlackRock Inc. purchased a new stake in shares of Peapack-Gladstone Financial in the second quarter valued at approximately $75,599,000. Wellington Management Group LLP raised its holdings in shares of Peapack-Gladstone Financial by 67.0% in the third quarter. Wellington Management Group LLP now owns 1,138,723 shares of the financial services provider's stock worth $31,429,000 after buying an additional 456,828 shares during the last quarter. Russell Investments Group Ltd. grew its stake in Peapack-Gladstone Financial by 255.0% during the 4th quarter. Russell Investments Group Ltd. now owns 108,782 shares of the financial services provider's stock valued at $3,030,000 after purchasing an additional 78,135 shares during the last quarter. Millennium Management LLC boosted its position in Peapack-Gladstone Financial by 100.8% in the fourth quarter. Millennium Management LLC now owns 143,306 shares of the financial services provider's stock valued at $3,991,000 after buying an additional 71,932 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. acquired a new stake in Peapack-Gladstone Financial during the 4th quarter worth about $1,965,000. 72.75% of the stock is owned by hedge funds and other institutional investors.

Peapack-Gladstone Financial Price Performance

Shares of PGC stock opened at $45.33 on Tuesday. The firm has a market cap of $803.70 million, a PE ratio of 15.74 and a beta of 0.71. The company has a 50-day moving average of $46.21 and a two-hundred day moving average of $41.09. Peapack-Gladstone Financial Corporation has a 1-year low of $24.71 and a 1-year high of $49.14.

Peapack-Gladstone Financial (NASDAQ:PGC - Get Free Report) last posted its earnings results on Monday, July 27th. The financial services provider reported $0.85 earnings per share for the quarter, missing the consensus estimate of $0.88 by ($0.03). The company had revenue of $86.05 million during the quarter, compared to analyst estimates of $85.17 million. Peapack-Gladstone Financial had a net margin of 11.09% and a return on equity of 7.82%. Sell-side analysts anticipate that Peapack-Gladstone Financial Corporation will post 3.58 EPS for the current fiscal year.

Peapack-Gladstone Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 27th. Shareholders of record on Thursday, August 13th will be issued a dividend of $0.05 per share. The ex-dividend date is Thursday, August 13th. This represents a $0.20 dividend on an annualized basis and a yield of 0.4%. Peapack-Gladstone Financial's dividend payout ratio is 6.94%.

Insider Buying and Selling at Peapack-Gladstone Financial

In other news, EVP John P. Babcock sold 5,000 shares of the company's stock in a transaction on Monday, June 29th. The stock was sold at an average price of $47.11, for a total transaction of $235,550.00. Following the sale, the executive vice president owned 45,582 shares of the company's stock, valued at approximately $2,147,368.02. This represents a 9.88% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Anthony W. Spinelli sold 2,000 shares of the company's stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $44.63, for a total value of $89,260.00. Following the sale, the director owned 11,742 shares in the company, valued at approximately $524,045.46. This trade represents a 14.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 8,100 shares of company stock valued at $377,170 in the last 90 days. Company insiders own 5.75% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Wall Street Zen lowered shares of Peapack-Gladstone Financial from a "buy" rating to a "hold" rating in a report on Sunday, July 26th. Raymond James Financial lifted their price target on shares of Peapack-Gladstone Financial from $49.00 to $55.00 and gave the company a "strong-buy" rating in a research note on Wednesday, July 1st. Piper Sandler increased their price objective on shares of Peapack-Gladstone Financial from $54.00 to $58.00 and gave the company an "overweight" rating in a report on Wednesday, July 29th. Zacks Research lowered shares of Peapack-Gladstone Financial from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, July 29th. Finally, Keefe, Bruyette & Woods reaffirmed a "moderate buy" rating and set a $56.00 target price (up from $55.00) on shares of Peapack-Gladstone Financial in a research note on Monday, August 3rd. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, Peapack-Gladstone Financial presently has a consensus rating of "Buy" and a consensus target price of $56.33.

About Peapack-Gladstone Financial

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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