Philadelphia Trust Co. Grows Stock Holdings in Peapack-Gladstone Financial Corporation $PGC

Key Points

• Philadelphia Trust Co. increased its position in Peapack-Gladstone Financial Corporation by 14.0%, owning approximately 2.12% of the company worth $10.58 million at the end of the latest quarter.
• Peapack-Gladstone Financial recently missed analysts' earnings expectations, reporting earnings per share of $0.45, which fell short of the estimated $0.61.
• The company announced a quarterly dividend of $0.05 per share, which equates to an annualized dividend yield of 0.8%, with a payout ratio of 10.93%.

Philadelphia Trust Co. lifted its holdings in Peapack-Gladstone Financial Corporation (NASDAQ:PGC - Free Report) by 14.0% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 372,560 shares of the financial services provider's stock after buying an additional 45,825 shares during the period. Peapack-Gladstone Financial makes up approximately 0.9% of Philadelphia Trust Co.'s portfolio, making the stock its 28th biggest holding. Philadelphia Trust Co. owned 2.12% of Peapack-Gladstone Financial worth $10,581,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Peapack-Gladstone Financial by 4.1% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,549 shares of the financial services provider's stock valued at $306,000 after purchasing an additional 380 shares during the last quarter. SummerHaven Investment Management LLC increased its holdings in shares of Peapack-Gladstone Financial by 1.3% in the first quarter. SummerHaven Investment Management LLC now owns 35,700 shares of the financial services provider's stock worth $1,014,000 after purchasing an additional 454 shares during the period. Gamco Investors INC. ET AL boosted its holdings in shares of Peapack-Gladstone Financial by 1.3% in the 4th quarter. Gamco Investors INC. ET AL now owns 57,485 shares of the financial services provider's stock worth $1,842,000 after purchasing an additional 750 shares in the last quarter. Barclays PLC boosted its holdings in shares of 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 purchased a new position in shares of Peapack-Gladstone Financial in the 4th quarter worth about $32,000. Hedge funds and other institutional investors own 72.75% of the company's stock.

Insider Buying and Selling

In related news, CEO Douglas L. Kennedy acquired 3,720 shares of the stock in a transaction on Wednesday, July 23rd. The stock was acquired at an average cost of $26.24 per share, for a total transaction of $97,612.80. Following the completion of the acquisition, the chief executive officer directly owned 39,129 shares of the company's stock, 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 this hyperlink. 6.95% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on PGC shares. Keefe, Bruyette & Woods cut their price objective on Peapack-Gladstone Financial from $38.00 to $35.00 and set an "outperform" rating for the company in a report on Wednesday, July 23rd. Wall Street Zen upgraded Peapack-Gladstone Financial from a "sell" rating to a "hold" rating in a report on Saturday, June 7th. One research analyst has rated the stock with a Strong Buy rating and two have given a Buy rating to the company. Based on data from MarketBeat.com, Peapack-Gladstone Financial presently has an average rating of "Buy" and a consensus price target of $36.33.

Peapack-Gladstone Financial Trading Down 0.2%

Shares of Peapack-Gladstone Financial stock traded down $0.05 during trading on Tuesday, reaching $26.76. 72,506 shares of the stock were exchanged, compared to its average volume of 129,470. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.16. The stock's fifty day moving average is $27.55 and its 200 day moving average is $28.58. The firm has a market cap of $472.31 million, a price-to-earnings ratio of 14.65 and a beta of 0.91. Peapack-Gladstone Financial Corporation has a 1 year low of $23.96 and a 1 year high of $37.88.

Peapack-Gladstone Financial (NASDAQ:PGC - Get Free Report) last posted its earnings results 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). 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%. As a group, equities research analysts expect that Peapack-Gladstone Financial Corporation will post 2.71 earnings per share for the current fiscal year.

Peapack-Gladstone Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 21st. Shareholders of record on Thursday, August 7th will be issued a $0.05 dividend. The ex-dividend date is Thursday, August 7th. This represents a $0.20 annualized dividend and a yield of 0.7%. Peapack-Gladstone Financial's dividend payout ratio (DPR) 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.