AlphaQuest LLC Has $77,000 Stock Holdings in Peapack-Gladstone Financial Corporation $PGC

Key Points

• AlphaQuest LLC reduced its stake in Peapack-Gladstone Financial Corporation by 83.1%, selling 13,289 shares to end up with only 2,701 shares valued at $77,000.
• CEO Douglas L. Kennedy increased his ownership in Peapack-Gladstone by purchasing 3,720 shares for about $97,612, raising his total holdings to 39,129 shares.
• The company declared a quarterly dividend of $0.05 per share, reflecting an annual yield of 0.7%, with a payout ratio of 10.93%.

AlphaQuest LLC lessened its stake in Peapack-Gladstone Financial Corporation (NASDAQ:PGC - Free Report) by 83.1% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,701 shares of the financial services provider's stock after selling 13,289 shares during the quarter. AlphaQuest LLC's holdings in Peapack-Gladstone Financial were worth $77,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Aquatic Capital Management LLC acquired a new position in Peapack-Gladstone Financial during the fourth quarter worth $32,000. The Manufacturers Life Insurance Company acquired a new position in Peapack-Gladstone Financial during the fourth quarter worth $201,000. Stifel Financial Corp acquired a new position in Peapack-Gladstone Financial during the fourth quarter worth $211,000. Quantbot Technologies LP raised its position in Peapack-Gladstone Financial by 38.1% during the first quarter. Quantbot Technologies LP now owns 8,153 shares of the financial services provider's stock worth $232,000 after acquiring an additional 2,251 shares in the last quarter. Finally, Public Employees Retirement System of Ohio raised its position in Peapack-Gladstone Financial by 34.0% during the fourth quarter. Public Employees Retirement System of Ohio now owns 8,517 shares of the financial services provider's stock worth $273,000 after acquiring an additional 2,162 shares in the last quarter. Institutional investors and hedge funds own 72.75% of the company's stock.

Peapack-Gladstone Financial Stock Performance

NASDAQ:PGC traded down $0.15 during mid-day trading on Friday, reaching $28.90. 110,808 shares of the company's stock were exchanged, compared to its average volume of 95,911. Peapack-Gladstone Financial Corporation has a one year low of $23.96 and a one year high of $37.88. The firm has a market capitalization of $510.09 million, a PE ratio of 15.79 and a beta of 0.92. The business's fifty day simple moving average is $27.85 and its two-hundred day simple moving average is $28.16. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.96 and a current ratio of 0.96.

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 EPS for the quarter, missing analysts' consensus estimates of $0.61 by ($0.16). Peapack-Gladstone Financial had a return on equity of 5.25% and a net margin of 7.62%.The business had revenue of $69.74 million for the quarter, compared to the consensus estimate of $69.77 million. 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 firm also recently declared a quarterly dividend, which was paid on Thursday, August 21st. Investors of record on Thursday, August 7th were given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date of this dividend was Thursday, August 7th. Peapack-Gladstone Financial's dividend payout ratio (DPR) is currently 10.93%.

Insider Buying and Selling

In other Peapack-Gladstone Financial news, CEO Douglas L. Kennedy purchased 3,720 shares of the stock in a transaction that occurred on Wednesday, July 23rd. The shares were acquired at an average cost of $26.24 per share, with a total value of $97,612.80. Following the completion of the transaction, the chief executive officer owned 39,129 shares in the company, valued at $1,026,744.96. The trade was a 10.51% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 7.63% of the company's stock.

Analyst Upgrades and Downgrades

PGC has been the topic of several analyst reports. Wall Street Zen lowered shares of Peapack-Gladstone Financial from a "hold" rating to a "sell" rating in a research report on Friday, August 22nd. Keefe, Bruyette & Woods dropped their price target on shares of Peapack-Gladstone Financial from $38.00 to $35.00 and set an "outperform" rating on the stock in a research report on Wednesday, July 23rd. One analyst has rated the stock with a Strong Buy rating and two have given a Buy rating to the stock. According to data from MarketBeat, Peapack-Gladstone Financial currently has an average rating of "Buy" and an average price target of $36.33.

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.