Trexquant Investment LP Raises Stake in Peapack-Gladstone Financial Corporation $PGC

Key Points

• Trexquant Investment LP increased its stake in Peapack-Gladstone Financial by 50.9% to 54,826 shares, valued at $1,557,000, after purchasing an additional 18,495 shares in the first quarter.
• Peapack-Gladstone Financial reported $0.45 earnings per share, missing estimates by $0.16, with a revenue of $69.74 million against expectations of $69.77 million.
• The company announced a quarterly dividend of $0.05 per share, translating to an annualized dividend yield of 0.7%, and has a dividend payout ratio of 10.93%.

Trexquant Investment LP boosted its position in shares of Peapack-Gladstone Financial Corporation (NASDAQ:PGC - Free Report) by 50.9% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 54,826 shares of the financial services provider's stock after acquiring an additional 18,495 shares during the period. Trexquant Investment LP owned 0.31% of Peapack-Gladstone Financial worth $1,557,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company bought a new stake in Peapack-Gladstone Financial during the 4th quarter worth approximately $201,000. Stifel Financial Corp bought a new stake in shares of Peapack-Gladstone Financial during the fourth quarter valued at approximately $211,000. Quantbot Technologies LP raised its position in shares of Peapack-Gladstone Financial by 38.1% during the first quarter. Quantbot Technologies LP now owns 8,153 shares of the financial services provider's stock valued at $232,000 after buying an additional 2,251 shares during the last quarter. Public Employees Retirement System of Ohio raised its position in shares of Peapack-Gladstone Financial by 34.0% during the fourth quarter. Public Employees Retirement System of Ohio now owns 8,517 shares of the financial services provider's stock valued at $273,000 after buying an additional 2,162 shares during the last quarter. Finally, Occudo Quantitative Strategies LP bought a new stake in shares of Peapack-Gladstone Financial during the fourth quarter valued at approximately $299,000. Institutional investors own 72.75% of the company's stock.

Peapack-Gladstone Financial Price Performance

PGC traded down $0.08 during trading hours on Wednesday, hitting $28.85. The company's stock had a trading volume of 47,761 shares, compared to its average volume of 96,051. The business's 50-day moving average price is $27.88 and its 200-day moving average price is $28.02. Peapack-Gladstone Financial Corporation has a 12 month low of $23.96 and a 12 month high of $37.88. The stock has a market cap of $509.14 million, a price-to-earnings ratio of 15.77 and a beta of 0.92. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.16.

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

Peapack-Gladstone Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 21st. Shareholders of record on Thursday, August 7th were paid a dividend of $0.05 per share. 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 presently 10.93%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. Wall Street Zen upgraded shares of Peapack-Gladstone Financial from a "sell" rating to a "hold" rating in a research report on Friday, September 5th. Keefe, Bruyette & Woods reduced their price objective 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 assigned a Buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $36.33.

Insider Buying and Selling

In other news, CEO Douglas L. Kennedy acquired 3,720 shares of the company's stock in a transaction on Wednesday, July 23rd. The stock was bought at an average cost of $26.24 per share, with a total value of $97,612.80. Following the completion of the purchase, the chief executive officer directly owned 39,129 shares of the company's stock, valued at $1,026,744.96. This represents a 10.51% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 6.95% of the stock is owned by insiders.

Peapack-Gladstone Financial 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.