Empowered Funds LLC Makes New $3.84 Million Investment in Peapack-Gladstone Financial Corporation $PGC

Key Points

• Empowered Funds LLC acquired 81,146 shares of Peapack-Gladstone Financial worth approximately $3.84 million, while institutional investors collectively own 72.75% of the company.
• Insiders sold 8,100 shares worth about $377,170 over the past three months. The stock recently traded at $44.59, versus a 52-week range of $24.71 to $49.14.
• Peapack-Gladstone reported quarterly EPS of $0.85, below the $0.88 consensus estimate, but revenue of $86.05 million exceeded expectations. Analysts maintain a consensus “Buy” rating with a $56.33 price target, and the company pays a $0.05 quarterly dividend.

Empowered Funds LLC bought a new stake in shares of Peapack-Gladstone Financial Corporation (NASDAQ:PGC - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 81,146 shares of the financial services provider's stock, valued at approximately $3,841,000. Empowered Funds LLC owned approximately 0.46% of Peapack-Gladstone Financial as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. BlackRock Inc. purchased a new position in Peapack-Gladstone Financial during the second quarter valued at approximately $75,599,000. Wellington Management Group LLP boosted its holdings in Peapack-Gladstone Financial by 67.0% in the 3rd quarter. Wellington Management Group LLP now owns 1,138,723 shares of the financial services provider's stock valued at $31,429,000 after purchasing an additional 456,828 shares during the period. Dimensional Fund Advisors LP grew its position in shares of Peapack-Gladstone Financial by 1.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,035,091 shares of the financial services provider's stock valued at $36,445,000 after purchasing an additional 14,582 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Peapack-Gladstone Financial by 3.0% during the 3rd quarter. Vanguard Group Inc. now owns 974,523 shares of the financial services provider's stock valued at $26,897,000 after purchasing an additional 28,489 shares in the last quarter. Finally, State Street Corp increased its holdings in shares of Peapack-Gladstone Financial by 6.2% in the fourth quarter. State Street Corp now owns 549,447 shares of the financial services provider's stock worth $15,302,000 after purchasing an additional 31,917 shares during the period. 72.75% of the stock is currently owned by institutional investors.

Insider Transactions at Peapack-Gladstone Financial

In other news, EVP Lisa Chalkan sold 1,100 shares of the company's stock in a transaction dated Monday, June 29th. The stock was sold at an average price of $47.60, for a total value of $52,360.00. Following the completion of the transaction, the executive vice president directly owned 26,075 shares in the company, valued at approximately $1,241,170. This represents a 4.05% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP John P. Babcock sold 5,000 shares of the stock in a transaction dated Monday, June 29th. The shares were sold at an average price of $47.11, for a total value of $235,550.00. Following the transaction, the executive vice president owned 45,582 shares in the company, valued at $2,147,368.02. This trade represents a 9.88% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 8,100 shares of company stock worth $377,170. 5.75% of the stock is currently owned by corporate insiders.

Peapack-Gladstone Financial Stock Performance

Peapack-Gladstone Financial stock opened at $44.59 on Wednesday. Peapack-Gladstone Financial Corporation has a fifty-two week low of $24.71 and a fifty-two week high of $49.14. The stock has a market cap of $790.58 million, a P/E ratio of 15.48 and a beta of 0.71. The firm's fifty day moving average price is $46.23 and its 200-day moving average price is $41.51.

Peapack-Gladstone Financial (NASDAQ:PGC - Get Free Report) last announced its earnings results on Monday, July 27th. The financial services provider reported $0.85 earnings per share (EPS) 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 analysts' expectations of $85.17 million. Peapack-Gladstone Financial had a return on equity of 7.82% and a net margin of 11.09%. On average, analysts predict that Peapack-Gladstone Financial Corporation will post 3.58 earnings per share for the current year.

Peapack-Gladstone Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, August 27th. Shareholders of record on Thursday, August 13th were paid a dividend of $0.05 per share. The ex-dividend date of this dividend was Thursday, August 13th. This represents a $0.20 annualized dividend and a yield of 0.4%. Peapack-Gladstone Financial's payout ratio is 6.94%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on PGC shares. Piper Sandler increased their price objective on Peapack-Gladstone Financial from $54.00 to $58.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 29th. Wall Street Zen lowered Peapack-Gladstone Financial from a "buy" rating to a "hold" rating in a research note on Sunday, July 26th. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Peapack-Gladstone Financial in a report on Friday, August 7th. Raymond James Financial lifted their price target on Peapack-Gladstone Financial from $49.00 to $55.00 and gave the company a "strong-buy" rating in a research report on Wednesday, July 1st. Finally, Keefe, Bruyette & Woods reissued a "moderate buy" rating and set a $56.00 price objective (up from $55.00) on shares of Peapack-Gladstone Financial in a report on Monday, August 3rd. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of $56.33.

Peapack-Gladstone Financial Company Profile

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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