D. E. Shaw & Co. Inc. Has $2.58 Million Holdings in Peapack-Gladstone Financial Co. (NASDAQ:PGC)

D. E. Shaw & Co. Inc. cut its stake in Peapack-Gladstone Financial Co. (NASDAQ:PGC - Free Report) by 13.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 80,541 shares of the financial services provider's stock after selling 12,202 shares during the period. D. E. Shaw & Co. Inc. owned approximately 0.46% of Peapack-Gladstone Financial worth $2,581,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the stock. Assenagon Asset Management S.A. acquired a new stake in shares of Peapack-Gladstone Financial during the 4th quarter valued at about $3,590,000. Albion Financial Group UT acquired a new stake in shares of Peapack-Gladstone Financial during the 4th quarter valued at about $35,000. Synergy Asset Management LLC boosted its position in shares of Peapack-Gladstone Financial by 7.9% during the 4th quarter. Synergy Asset Management LLC now owns 349,414 shares of the financial services provider's stock valued at $11,199,000 after acquiring an additional 25,687 shares in the last quarter. Empowered Funds LLC boosted its position in shares of Peapack-Gladstone Financial by 4.9% during the 4th quarter. Empowered Funds LLC now owns 51,121 shares of the financial services provider's stock valued at $1,638,000 after acquiring an additional 2,411 shares in the last quarter. Finally, Delta Financial Group Inc. acquired a new stake in shares of Peapack-Gladstone Financial during the 4th quarter valued at about $353,000. 72.75% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, CEO Douglas L. Kennedy sold 20,000 shares of Peapack-Gladstone Financial stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $28.91, for a total transaction of $578,200.00. Following the completion of the sale, the chief executive officer now owns 43,703 shares in the company, valued at $1,263,453.73. The trade was a 31.40% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director F Duffield Meyercord purchased 6,316 shares of the stock in a transaction dated Monday, March 31st. The shares were acquired at an average price of $28.44 per share, with a total value of $179,627.04. Following the transaction, the director now owns 140,372 shares in the company, valued at $3,992,179.68. This trade represents a 4.71% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders sold 40,000 shares of company stock valued at $1,152,650. Insiders own 7.63% of the company's stock.

Peapack-Gladstone Financial Price Performance

PGC stock traded down $0.21 during trading on Friday, hitting $26.87. 81,248 shares of the stock traded hands, compared to its average volume of 97,419. Peapack-Gladstone Financial Co. has a one year low of $20.30 and a one year high of $37.88. The stock has a market cap of $476.57 million, a price-to-earnings ratio of 14.52 and a beta of 0.87. The company has a 50 day simple moving average of $27.60 and a 200 day simple moving average of $31.29. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.22.

Peapack-Gladstone Financial (NASDAQ:PGC - Get Free Report) last announced its earnings results on Tuesday, April 22nd. The financial services provider reported $0.43 earnings per share for the quarter, missing analysts' consensus estimates of $0.51 by ($0.08). Peapack-Gladstone Financial had a return on equity of 5.57% and a net margin of 8.11%. The company had revenue of $64.36 million during the quarter, compared to the consensus estimate of $64.07 million. Equities analysts expect that Peapack-Gladstone Financial Co. will post 2.71 EPS for the current fiscal year.

Peapack-Gladstone Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, May 22nd. Shareholders of record on Thursday, May 8th were paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.74%. The ex-dividend date of this dividend was Thursday, May 8th. Peapack-Gladstone Financial's dividend payout ratio is presently 11.11%.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on PGC shares. Keefe, Bruyette & Woods decreased their target price on shares of Peapack-Gladstone Financial from $40.00 to $38.00 and set an "outperform" rating on the stock in a research report on Thursday, April 24th. Wall Street Zen downgraded shares of Peapack-Gladstone Financial from a "hold" rating to a "sell" rating in a report on Thursday. Finally, Raymond James initiated coverage on shares of Peapack-Gladstone Financial in a report on Friday, April 11th. They set a "strong-buy" rating and a $39.00 price target for the company.

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.