Cubist Systematic Strategies LLC Sells 14,307 Shares of Peapack-Gladstone Financial Corporation $PGC

Key Points

• Cubist Systematic Strategies LLC has reduced its stake in Peapack-Gladstone Financial Corporation by 51.7%, selling 14,307 shares during the first quarter, leaving it with 13,344 shares valued at approximately $379,000.
• Research analysts have mixed ratings on Peapack-Gladstone Financial, with one Strong Buy rating and two Buy ratings, while the consensus price target is set at $36.33.
• Peapack-Gladstone Financial recently announced a $0.05 quarterly dividend, resulting in an annualized yield of 0.7%, with a payout ratio of 10.93%.

Cubist Systematic Strategies LLC trimmed its holdings in Peapack-Gladstone Financial Corporation (NASDAQ:PGC - Free Report) by 51.7% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 13,344 shares of the financial services provider's stock after selling 14,307 shares during the quarter. Cubist Systematic Strategies LLC owned 0.08% of Peapack-Gladstone Financial worth $379,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in PGC. Stifel Financial Corp purchased a new position in Peapack-Gladstone Financial in the 4th quarter worth $211,000. The Manufacturers Life Insurance Company bought a new position in shares of Peapack-Gladstone Financial during the fourth quarter valued at about $201,000. Northern Trust Corp increased its holdings in shares of Peapack-Gladstone Financial by 3.2% in the fourth quarter. Northern Trust Corp now owns 151,219 shares of the financial services provider's stock worth $4,847,000 after buying an additional 4,655 shares during the period. BNP Paribas Financial Markets increased its holdings in shares of Peapack-Gladstone Financial by 487.9% in the fourth quarter. BNP Paribas Financial Markets now owns 41,955 shares of the financial services provider's stock worth $1,345,000 after buying an additional 34,819 shares during the period. Finally, Deutsche Bank AG boosted its holdings in Peapack-Gladstone Financial by 60.3% during the 4th quarter. Deutsche Bank AG now owns 21,410 shares of the financial services provider's stock valued at $686,000 after acquiring an additional 8,054 shares during the period. Hedge funds and other institutional investors own 72.75% of the company's stock.

Peapack-Gladstone Financial Trading Down 0.4%

Shares of NASDAQ:PGC traded down $0.11 on Tuesday, hitting $29.10. The company had a trading volume of 55,080 shares, compared to its average volume of 96,050. The firm's 50-day simple moving average is $27.81 and its two-hundred day simple moving average is $27.91. The firm has a market capitalization of $513.47 million, a price-to-earnings ratio of 15.90 and a beta of 0.92. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.16. Peapack-Gladstone Financial Corporation has a 1 year low of $23.96 and a 1 year high of $37.88.

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 (EPS) for the quarter, missing analysts' consensus estimates of $0.61 by ($0.16). The company had revenue of $69.74 million during the quarter, compared to the consensus estimate of $69.77 million. Peapack-Gladstone Financial had a return on equity of 5.25% and a net margin of 7.62%. Equities analysts anticipate that Peapack-Gladstone Financial Corporation will post 2.71 earnings per share for the current fiscal year.

Peapack-Gladstone Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 21st. Stockholders of record on Thursday, August 7th were paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date was Thursday, August 7th. Peapack-Gladstone Financial's dividend payout ratio (DPR) is presently 10.93%.

Analyst Ratings Changes

PGC has been the topic of a number of analyst reports. Wall Street Zen raised Peapack-Gladstone Financial from a "sell" rating to a "hold" rating in a research note on Friday, September 5th. Keefe, Bruyette & Woods decreased their target price on shares of Peapack-Gladstone Financial from $38.00 to $35.00 and set an "outperform" rating on the stock in a research note on Wednesday, July 23rd. One analyst has rated the stock with a Strong Buy rating and two have issued a Buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Buy" and an average price target of $36.33.

Insiders Place Their Bets

In other news, CEO Douglas L. Kennedy purchased 3,720 shares of Peapack-Gladstone Financial stock in a transaction that occurred on Wednesday, July 23rd. The shares were bought at an average cost of $26.24 per share, with a total value of $97,612.80. Following the completion of the purchase, the chief executive officer directly owned 39,129 shares in the company, valued at approximately $1,026,744.96. This trade represents a 10.51% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 7.63% of the stock is currently owned by insiders.

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.