Nuveen Asset Management LLC Buys 14,220 Shares of Peapack-Gladstone Financial Co. (NASDAQ:PGC)

Nuveen Asset Management LLC boosted its position in Peapack-Gladstone Financial Co. (NASDAQ:PGC - Free Report) by 41.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 48,831 shares of the financial services provider's stock after purchasing an additional 14,220 shares during the quarter. Nuveen Asset Management LLC owned approximately 0.28% of Peapack-Gladstone Financial worth $1,565,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in PGC. Dimensional Fund Advisors LP grew its stake in shares of Peapack-Gladstone Financial by 0.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,117,333 shares of the financial services provider's stock worth $35,811,000 after acquiring an additional 10,221 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Peapack-Gladstone Financial by 7.2% in the fourth quarter. Vanguard Group Inc. now owns 937,205 shares of the financial services provider's stock worth $30,037,000 after acquiring an additional 62,803 shares during the last quarter. Boston Partners grew its stake in shares of Peapack-Gladstone Financial by 2.3% in the fourth quarter. Boston Partners now owns 781,826 shares of the financial services provider's stock worth $25,046,000 after acquiring an additional 17,220 shares during the last quarter. Wellington Management Group LLP grew its stake in shares of Peapack-Gladstone Financial by 3.6% in the fourth quarter. Wellington Management Group LLP now owns 654,450 shares of the financial services provider's stock worth $20,975,000 after acquiring an additional 22,805 shares during the last quarter. Finally, American Century Companies Inc. grew its stake in shares of Peapack-Gladstone Financial by 11.6% in the fourth quarter. American Century Companies Inc. now owns 339,148 shares of the financial services provider's stock worth $10,870,000 after acquiring an additional 35,159 shares during the last quarter. Institutional investors own 72.75% of the company's stock.

Peapack-Gladstone Financial Stock Performance

Shares of Peapack-Gladstone Financial stock traded down $0.11 during trading on Thursday, hitting $27.31. 63,994 shares of the company's stock traded hands, compared to its average volume of 95,264. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.97 and a quick ratio of 0.97. Peapack-Gladstone Financial Co. has a 1 year low of $20.30 and a 1 year high of $37.88. The stock has a market capitalization of $484.37 million, a P/E ratio of 14.76 and a beta of 0.87. The business has a 50-day simple moving average of $27.34 and a 200-day simple moving average of $30.86.

Peapack-Gladstone Financial (NASDAQ:PGC - Get Free Report) last released its quarterly earnings data on Tuesday, April 22nd. The financial services provider reported $0.43 EPS for the quarter, missing the consensus estimate of $0.51 by ($0.08). Peapack-Gladstone Financial had a net margin of 8.11% and a return on equity of 5.57%. The business had revenue of $64.36 million for the quarter, compared to analysts' expectations of $64.07 million. As a group, analysts forecast that Peapack-Gladstone Financial Co. will post 2.71 EPS for the current year.

Peapack-Gladstone Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, May 22nd. Shareholders of record on Thursday, May 8th were given a $0.05 dividend. The ex-dividend date was Thursday, May 8th. This represents a $0.20 annualized dividend and a yield of 0.73%. Peapack-Gladstone Financial's payout ratio is 11.11%.

Insiders Place Their Bets

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

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on PGC shares. Raymond James started coverage on Peapack-Gladstone Financial in a research note on Friday, April 11th. They issued a "strong-buy" rating and a $39.00 target price on the stock. Wall Street Zen raised Peapack-Gladstone Financial from a "sell" rating to a "hold" rating in a research note on Friday, May 30th. Finally, Keefe, Bruyette & Woods cut their target price on Peapack-Gladstone Financial from $40.00 to $38.00 and set an "outperform" rating on the stock in a research note on Thursday, April 24th.

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.