Philadelphia Trust Co. Acquires 45,825 Shares of 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. increased its stake in Peapack-Gladstone Financial Corporation (NASDAQ:PGC - Free Report) by 14.0% in the first quarter, according to the company in its most recent disclosure with the Securities and 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 comprises about 0.9% of Philadelphia Trust Co.'s investment portfolio, making the stock its 28th largest position. Philadelphia Trust Co. owned approximately 2.12% of Peapack-Gladstone Financial worth $10,581,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in PGC. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in 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 valued at $306,000 after purchasing an additional 380 shares during the last quarter. SummerHaven Investment Management LLC increased its stake in Peapack-Gladstone Financial by 1.3% during the first quarter. SummerHaven Investment Management LLC now owns 35,700 shares of the financial services provider's stock valued at $1,014,000 after purchasing an additional 454 shares during the last quarter. Gamco Investors INC. ET AL increased its stake in Peapack-Gladstone Financial by 1.3% during the fourth quarter. Gamco Investors INC. ET AL now owns 57,485 shares of the financial services provider's stock valued at $1,842,000 after purchasing an additional 750 shares during the last quarter. Barclays PLC increased its stake in Peapack-Gladstone Financial by 2.5% during the fourth quarter. Barclays PLC now owns 34,491 shares of the financial services provider's stock valued at $1,105,000 after purchasing an additional 835 shares during the last quarter. Finally, Aquatic Capital Management LLC bought a new stake in Peapack-Gladstone Financial during the fourth quarter valued at $32,000. Institutional investors own 72.75% of the company's stock.

Analyst Upgrades and Downgrades

PGC has been the subject of several recent research reports. Wall Street Zen upgraded shares of Peapack-Gladstone Financial from a "sell" rating to a "hold" rating in a research note on Saturday, June 7th. Keefe, Bruyette & Woods lowered their price target on shares of Peapack-Gladstone Financial from $38.00 to $35.00 and set an "outperform" rating for the company in a research report on Wednesday, July 23rd. One equities research analyst has rated the stock with a Strong Buy rating and two have assigned a Buy rating to the stock. Based on data from MarketBeat, Peapack-Gladstone Financial presently has an average rating of "Buy" and an average price target of $36.33.

Peapack-Gladstone Financial Price Performance

NASDAQ PGC traded down $0.2850 on Thursday, reaching $26.9850. The company's stock had a trading volume of 36,917 shares, compared to its average volume of 94,245. Peapack-Gladstone Financial Corporation has a twelve month low of $23.96 and a twelve month high of $37.88. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.96 and a current ratio of 0.96. The stock has a market cap of $476.29 million, a PE ratio of 14.78 and a beta of 0.91. The firm's 50 day moving average is $27.53 and its two-hundred day moving average is $28.57.

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 for the quarter, missing analysts' consensus estimates 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 predict that Peapack-Gladstone Financial Corporation will post 2.71 EPS for the current year.

Peapack-Gladstone Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 21st. Stockholders 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 dividend on an annualized basis and a dividend yield of 0.7%. Peapack-Gladstone Financial's dividend payout ratio is currently 10.93%.

Insider Buying and Selling at Peapack-Gladstone Financial

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

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.