Peapack-Gladstone Financial Corporation $PGC Shares Newly Acquired by Bank of America Corp DE

Key Points

• Bank of America acquired 114,319 shares of Peapack-Gladstone Financial in the second quarter, worth approximately $5.4 million and representing 0.64% of the company. Institutional investors collectively own 72.75% of the stock.
• PGC shares were trading at $44.12, down 2.0%, after the company reported quarterly earnings of $0.85 per share—below the $0.88 analyst consensus—while revenue of $86.05 million exceeded estimates.
• The company paid a quarterly dividend of $0.05 per share, equivalent to a 0.5% annual yield. Analysts maintain a consensus “Buy” rating with an average price target of $56.33, although some firms recently downgraded the stock to “Hold.”

Bank of America Corp DE purchased a new position in Peapack-Gladstone Financial Corporation (NASDAQ:PGC - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 114,319 shares of the financial services provider's stock, valued at approximately $5,411,000. Bank of America Corp DE owned 0.64% of Peapack-Gladstone Financial at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the stock. Basswood Capital Management L.L.C. purchased a new position in shares of Peapack-Gladstone Financial during the second quarter worth approximately $13,778,000. Jupiter Topco LLC purchased a new stake in shares of Peapack-Gladstone Financial in the 2nd quarter worth $366,000. Canada Pension Plan Investment Board purchased a new stake in shares of Peapack-Gladstone Financial in the 2nd quarter worth $426,000. Legal & General Group Plc bought a new position in shares of Peapack-Gladstone Financial during the 2nd quarter worth $754,000. Finally, Algert Global LLC grew its position in shares of Peapack-Gladstone Financial by 8.2% during the 2nd quarter. Algert Global LLC now owns 356,295 shares of the financial services provider's stock worth $16,863,000 after buying an additional 26,880 shares in the last quarter. 72.75% of the stock is owned by hedge funds and other institutional investors.

Peapack-Gladstone Financial Trading Down 2.0%

Shares of PGC stock opened at $44.12 on Tuesday. Peapack-Gladstone Financial Corporation has a 12-month low of $24.71 and a 12-month high of $49.14. The business's fifty day simple moving average is $45.70 and its 200-day simple moving average is $43.04. The company has a market cap of $782.25 million, a PE ratio of 15.32 and a beta of 0.70.

Peapack-Gladstone Financial (NASDAQ:PGC - Get Free Report) last posted its quarterly earnings data on Monday, July 27th. The financial services provider reported $0.85 earnings per share for the quarter, missing analysts' consensus estimates of $0.88 by ($0.03). The business had revenue of $86.05 million during the quarter, compared to analyst estimates of $85.17 million. Peapack-Gladstone Financial had a return on equity of 7.82% and a net margin of 11.09%. On average, equities analysts forecast that Peapack-Gladstone Financial Corporation will post 3.58 earnings per share for the current year.

Peapack-Gladstone Financial Announces Dividend

The business 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 was Thursday, August 13th. This represents a $0.20 dividend on an annualized basis and a yield of 0.5%. Peapack-Gladstone Financial's dividend payout ratio is presently 6.94%.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on PGC. Wall Street Zen cut shares of Peapack-Gladstone Financial from a "buy" rating to a "hold" rating in a research report on Sunday, July 26th. Weiss Ratings raised shares of Peapack-Gladstone Financial from a "buy (b-)" rating to a "buy (b)" rating in a research note on Monday, September 21st. Zacks Research lowered Peapack-Gladstone Financial from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 29th. Keefe, Bruyette & Woods reaffirmed a "moderate buy" rating and set a $56.00 target price (up from $55.00) on shares of Peapack-Gladstone Financial in a research report on Monday, August 3rd. Finally, Raymond James Financial boosted their price target on Peapack-Gladstone Financial from $49.00 to $55.00 and gave the stock a "strong-buy" rating in a research report on Wednesday, July 1st. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of "Buy" and an average price target of $56.33.

Insiders Place Their Bets

In other Peapack-Gladstone Financial news, EVP Maureen Hemhauser sold 2,297 shares of the firm's stock in a transaction on Monday, September 21st. The shares were sold at an average price of $45.32, for a total value of $104,100.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Gregory Smith sold 1,250 shares of Peapack-Gladstone Financial stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $44.66, for a total transaction of $55,825.00. Following the sale, the executive vice president owned 12,622 shares of the company's stock, valued at $563,698.52. The trade was a 9.01% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 5.75% of the company's stock.

About Peapack-Gladstone Financial

Peapack-Gladstone Financial Corporation is a bank holding company headquartered in Bedminster, New Jersey. Its principal subsidiary, Peapack-Gladstone Bank, provides banking and wealth management services to businesses, individuals, families and nonprofit organizations.

The bank's offerings include commercial and residential lending, business and personal deposit accounts, cash management, treasury services, private banking and other financial solutions. Through its wealth management business, it provides investment management, financial planning, fiduciary, trust and related advisory services.

Founded in 1921, Peapack-Gladstone Bank has historically focused on communities in New Jersey and the broader New York metropolitan area, including clients in the New York City market.

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