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

Other hedge funds have also bought and sold shares of the company. Wellington Management Group LLP raised its position in shares of Peapack-Gladstone Financial by 0.3% in the 1st quarter. Wellington Management Group LLP now owns 656,408 shares of the financial services provider's stock worth $18,642,000 after acquiring an additional 1,958 shares in the last quarter. Brown Advisory Inc. raised its position in shares of Peapack-Gladstone Financial by 19.7% in the 1st quarter. Brown Advisory Inc. now owns 592,666 shares of the financial services provider's stock worth $16,832,000 after acquiring an additional 97,349 shares in the last quarter. Philadelphia Trust Co. increased its holdings in Peapack-Gladstone Financial by 14.0% in the first quarter. Philadelphia Trust Co. now owns 372,560 shares of the financial services provider's stock worth $10,581,000 after purchasing an additional 45,825 shares in the last quarter. American Century Companies Inc. increased its holdings in Peapack-Gladstone Financial by 0.4% in the first quarter. American Century Companies Inc. now owns 340,561 shares of the financial services provider's stock worth $9,672,000 after purchasing an additional 1,413 shares in the last quarter. Finally, Hotchkis & Wiley Capital Management LLC increased its holdings in Peapack-Gladstone Financial by 6.5% in the first quarter. Hotchkis & Wiley Capital Management LLC now owns 269,530 shares of the financial services provider's stock worth $7,655,000 after purchasing an additional 16,390 shares in the last quarter. Institutional investors own 72.75% of the company's stock.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Keefe, Bruyette & Woods lowered their price objective on shares of Peapack-Gladstone Financial from $38.00 to $35.00 and set an "outperform" rating for the company in a research note on Wednesday, July 23rd. Wall Street Zen raised shares of Peapack-Gladstone Financial from a "sell" rating to a "hold" rating in a research note on Friday, September 5th. One analyst has rated the stock with a Strong Buy rating and two have issued a Buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Buy" and an average price target of $36.33.

Peapack-Gladstone Financial Stock Up 0.9%

Shares of NASDAQ:PGC traded up $0.26 during midday trading on Wednesday, hitting $29.28. 103,956 shares of the company's stock were exchanged, compared to its average volume of 104,661. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.96 and a quick ratio of 0.96. The stock has a 50 day moving average price of $27.76 and a 200-day moving average price of $27.92. The company has a market cap of $516.79 million, a PE ratio of 16.00 and a beta of 0.92. Peapack-Gladstone Financial Corporation has a 12 month low of $23.96 and a 12 month high of $37.88.

Peapack-Gladstone Financial (NASDAQ:PGC - Get Free Report) last posted its earnings results on Monday, July 21st. The financial services provider reported $0.45 EPS for the quarter, missing the consensus estimate of $0.61 by ($0.16). The business had revenue of $69.74 million for 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%. On average, sell-side analysts anticipate that Peapack-Gladstone Financial Corporation will post 2.71 EPS for the current fiscal year.

Peapack-Gladstone Financial Announces Dividend

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

Insider Buying and Selling at Peapack-Gladstone Financial

In related news, EVP Gregory Martin Smith sold 3,200 shares of the company's stock in a transaction on Monday, September 15th. The stock was sold at an average price of $29.15, for a total transaction of $93,280.00. Following the completion of the sale, the executive vice president owned 5,427 shares in the company, valued at approximately $158,197.05. This represents a 37.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Douglas L. Kennedy purchased 3,720 shares of the firm's stock in a transaction that occurred on Wednesday, July 23rd. The shares were bought at an average price of $26.24 per share, with a total value of $97,612.80. Following the acquisition, the chief executive officer directly owned 39,129 shares of the company's stock, valued at $1,026,744.96. This represents a 10.51% increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 7.63% of the company's stock.

Peapack-Gladstone Financial Company 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.