Trexquant Investment LP Acquires 18,495 Shares of 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 grew its holdings in Peapack-Gladstone Financial Corporation (NASDAQ:PGC - Free Report) by 50.9% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 54,826 shares of the financial services provider's stock after buying an additional 18,495 shares during the period. Trexquant Investment LP owned approximately 0.31% of Peapack-Gladstone Financial worth $1,557,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in PGC. Brown Advisory Inc. grew its stake in shares of Peapack-Gladstone Financial by 19.7% in the 1st quarter. Brown Advisory Inc. now owns 592,666 shares of the financial services provider's stock worth $16,832,000 after buying an additional 97,349 shares in the last quarter. Philadelphia Trust Co. grew its stake in shares of Peapack-Gladstone Financial by 14.0% in the 1st quarter. Philadelphia Trust Co. now owns 372,560 shares of the financial services provider's stock worth $10,581,000 after buying an additional 45,825 shares in the last quarter. BNP Paribas Financial Markets grew its stake in shares of Peapack-Gladstone Financial by 487.9% in the 4th quarter. BNP Paribas Financial Markets now owns 41,955 shares of the financial services provider's stock worth $1,345,000 after buying an additional 34,819 shares in the last quarter. Nuveen LLC purchased a new position in shares of Peapack-Gladstone Financial in the 1st quarter worth $983,000. Finally, SG Americas Securities LLC grew its stake in shares of Peapack-Gladstone Financial by 344.0% in the 1st quarter. SG Americas Securities LLC now owns 43,539 shares of the financial services provider's stock worth $1,237,000 after buying an additional 33,733 shares in the last quarter. 72.75% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Peapack-Gladstone Financial

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

Peapack-Gladstone Financial Trading Up 2.1%

PGC traded up $0.61 on Thursday, reaching $29.46. 102,806 shares of the company traded hands, compared to its average volume of 107,742. Peapack-Gladstone Financial Corporation has a one year low of $23.96 and a one year high of $37.88. The firm has a fifty day simple moving average of $27.84 and a two-hundred day simple moving average of $28.01. The company has a market cap of $519.97 million, a P/E ratio of 16.10 and a beta of 0.92. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.16.

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

Peapack-Gladstone Financial Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on PGC shares. Wall Street Zen raised shares of Peapack-Gladstone Financial from a "sell" rating to a "hold" rating in a research note on Friday, September 5th. Keefe, Bruyette & Woods lowered their target price on shares of Peapack-Gladstone Financial from $38.00 to $35.00 and set an "outperform" rating for the company in a report on Wednesday, July 23rd. One analyst has rated the stock with a Strong Buy rating and two have issued a Buy rating to the company. According to MarketBeat.com, the company has an average rating of "Buy" and a consensus target price of $36.33.

Peapack-Gladstone Financial Company 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.