PNC Financial Services Group Inc. Purchases 16,221 Shares of Peapack-Gladstone Financial Corporation (NASDAQ:PGC)

Key Points

• PNC Financial Services Group Inc. increased its holdings in Peapack-Gladstone Financial by 33.1%, acquiring an additional 16,221 shares during the first quarter, bringing its total ownership to 65,266 shares valued at approximately $1.85 million.
• Peapack-Gladstone Financial recently reported earnings per share of $0.45, missing analysts' consensus estimate of $0.61, while generating a revenue of $69.74 million for the quarter.
• The company announced a quarterly dividend of $0.05 per share, reflecting an annualized dividend yield of 0.8%, with a payout ratio of 10.93%.

PNC Financial Services Group Inc. grew its holdings in shares of Peapack-Gladstone Financial Corporation (NASDAQ:PGC - Free Report) by 33.1% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 65,266 shares of the financial services provider's stock after purchasing an additional 16,221 shares during the period. PNC Financial Services Group Inc. owned about 0.37% of Peapack-Gladstone Financial worth $1,854,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in PGC. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of Peapack-Gladstone Financial during the first quarter valued at $345,000. Victory Capital Management Inc. increased its stake in Peapack-Gladstone Financial by 4.6% in the first quarter. Victory Capital Management Inc. now owns 37,200 shares of the financial services provider's stock valued at $1,056,000 after purchasing an additional 1,633 shares in the last quarter. Brown Advisory Inc. increased its stake in Peapack-Gladstone Financial by 19.7% in the first quarter. Brown Advisory Inc. now owns 592,666 shares of the financial services provider's stock valued at $16,832,000 after purchasing an additional 97,349 shares in the last quarter. Salzhauer Michael grew its holdings in shares of Peapack-Gladstone Financial by 9.3% during the first quarter. Salzhauer Michael now owns 161,802 shares of the financial services provider's stock valued at $4,595,000 after buying an additional 13,708 shares during the last quarter. Finally, SummerHaven Investment Management LLC grew its holdings in shares of 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 buying an additional 454 shares during the last quarter. Institutional investors and hedge funds own 72.75% of the company's stock.

Peapack-Gladstone Financial Trading Up 0.2%

NASDAQ:PGC opened at $24.95 on Friday. The company has a 50-day moving average price of $27.71 and a 200-day moving average price of $28.85. Peapack-Gladstone Financial Corporation has a 12 month low of $23.96 and a 12 month high of $37.88. The company has a current ratio of 0.95, a quick ratio of 0.94 and a debt-to-equity ratio of 0.16. The stock has a market cap of $442.61 million, a price-to-earnings ratio of 13.63 and a beta of 0.91.

Peapack-Gladstone Financial (NASDAQ:PGC - Get Free Report) last released 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). The firm had revenue of $69.74 million for the quarter, compared to the consensus estimate of $69.77 million. Peapack-Gladstone Financial had a net margin of 7.62% and a return on equity of 5.29%. Equities analysts predict that Peapack-Gladstone Financial Corporation will post 2.71 EPS for the current year.

Peapack-Gladstone Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 21st. Investors of record on Thursday, August 7th will be issued a $0.05 dividend. The ex-dividend date of this dividend is Thursday, August 7th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.8%. Peapack-Gladstone Financial's dividend payout ratio (DPR) is presently 10.93%.

Insider Activity

In other news, CEO Douglas L. Kennedy purchased 3,720 shares of the stock in a transaction on Wednesday, July 23rd. The shares were acquired at an average price of $26.24 per share, with a total value 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 $1,026,744.96. This trade represents a 10.51% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 7.63% of the company's stock.

Analysts Set New Price Targets

PGC has been the topic of several research reports. Keefe, Bruyette & Woods lowered 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. Wall Street Zen raised shares of Peapack-Gladstone Financial from a "sell" rating to a "hold" rating in a research report on Saturday, June 7th.

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.

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