Hotchkis & Wiley Capital Management LLC Has $7.66 Million Stock Holdings in Peapack-Gladstone Financial Corporation $PGC

Key Points

• Hotchkis & Wiley Capital Management LLC increased its stake in Peapack-Gladstone Financial Corporation by 6.5%, owning 269,530 shares worth approximately $7.7 million after acquiring an additional 16,390 shares.
• Recent analyst reports have downgraded Peapack-Gladstone Financial from a "hold" rating to a "sell" rating, with the consensus price target now at $36.33, compared to previous estimates.
• CEO Douglas L. Kennedy purchased 3,720 shares of the company at an average price of $26.24 per share, increasing his total ownership to 39,129 shares.

Hotchkis & Wiley Capital Management LLC increased its holdings in shares of Peapack-Gladstone Financial Corporation (NASDAQ:PGC - Free Report) by 6.5% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 269,530 shares of the financial services provider's stock after buying an additional 16,390 shares during the quarter. Hotchkis & Wiley Capital Management LLC owned 1.53% of Peapack-Gladstone Financial worth $7,655,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of PGC. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Peapack-Gladstone Financial by 4.1% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,549 shares of the financial services provider's stock worth $306,000 after buying an additional 380 shares in the last quarter. Algert Global LLC grew its position in Peapack-Gladstone Financial by 1.5% during the 1st quarter. Algert Global LLC now owns 26,324 shares of the financial services provider's stock worth $748,000 after acquiring an additional 390 shares during the last quarter. SummerHaven Investment Management LLC grew its position in Peapack-Gladstone Financial by 1.3% during the 1st quarter. SummerHaven Investment Management LLC now owns 35,700 shares of the financial services provider's stock worth $1,014,000 after acquiring an additional 454 shares during the last quarter. Barclays PLC increased its holdings in Peapack-Gladstone Financial by 2.5% in the 4th quarter. Barclays PLC now owns 34,491 shares of the financial services provider's stock worth $1,105,000 after purchasing an additional 835 shares in the last quarter. Finally, Aquatic Capital Management LLC bought a new position in Peapack-Gladstone Financial in the fourth quarter valued at about $32,000. 72.75% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have recently weighed in on PGC. Wall Street Zen cut Peapack-Gladstone Financial from a "hold" rating to a "sell" rating in a report on Friday, August 22nd. Keefe, Bruyette & Woods cut 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 report on Wednesday, July 23rd. One research analyst has rated the stock with a Strong Buy rating and two have given a Buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target of $36.33.

Insider Buying and Selling at Peapack-Gladstone Financial

In other news, CEO Douglas L. Kennedy bought 3,720 shares of Peapack-Gladstone Financial stock in a transaction dated Wednesday, July 23rd. The stock was bought at an average cost of $26.24 per share, for a total transaction of $97,612.80. Following the purchase, the chief executive officer directly owned 39,129 shares in the company, valued at approximately $1,026,744.96. This represents a 10.51% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 7.63% of the company's stock.

Peapack-Gladstone Financial Trading Up 0.4%

Shares of Peapack-Gladstone Financial stock traded up $0.11 on Thursday, hitting $28.90. 64,983 shares of the company's stock traded hands, compared to its average volume of 94,688. The company has a market capitalization of $510.09 million, a price-to-earnings ratio of 15.79 and a beta of 0.91. The company has a fifty day moving average of $27.69 and a two-hundred day moving average of $28.36. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.96 and a quick ratio of 0.96. Peapack-Gladstone Financial Corporation has a one year low of $23.96 and a one year high of $37.88.

Peapack-Gladstone Financial (NASDAQ:PGC - Get Free Report) last issued its quarterly earnings results on Monday, July 21st. The financial services provider reported $0.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.61 by ($0.16). The business had revenue of $69.74 million during the quarter, compared to analyst estimates of $69.77 million. Peapack-Gladstone Financial had a net margin of 7.62% and a return on equity of 5.25%. As a group, sell-side analysts expect that Peapack-Gladstone Financial Corporation will post 2.71 earnings per share for the current year.

Peapack-Gladstone Financial Dividend Announcement

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

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.