Strs Ohio Buys Shares of 17,900 Peapack-Gladstone Financial Corporation $PGC

Key Points

• Strs Ohio has acquired 17,900 shares of Peapack-Gladstone Financial Corporation valued at approximately $508,000, representing about 0.10% of the company's stock.
• Several large investors, including Wellington Management and Brown Advisory, increased their holdings in Peapack-Gladstone Financial during the 1st quarter, with institutional investors owning 72.75% of the stock.
• The company's stock currently has an average rating of "Buy" with a consensus price target of $36.33, despite recent earnings missing consensus estimates.

Strs Ohio bought a new position in shares of Peapack-Gladstone Financial Corporation (NASDAQ:PGC - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 17,900 shares of the financial services provider's stock, valued at approximately $508,000. Strs Ohio owned approximately 0.10% of Peapack-Gladstone Financial as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of PGC. Deutsche Bank AG boosted its position in Peapack-Gladstone Financial by 60.3% during the fourth quarter. Deutsche Bank AG now owns 21,410 shares of the financial services provider's stock worth $686,000 after purchasing an additional 8,054 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position 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 worth $306,000 after purchasing an additional 380 shares in the last quarter. Nuveen Asset Management LLC boosted its position in Peapack-Gladstone Financial by 41.1% during the fourth quarter. Nuveen Asset Management LLC now owns 48,831 shares of the financial services provider's stock worth $1,565,000 after purchasing an additional 14,220 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Peapack-Gladstone Financial by 8.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 28,467 shares of the financial services provider's stock worth $912,000 after purchasing an additional 2,272 shares in the last quarter. Finally, Public Employees Retirement System of Ohio boosted its position in 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 worth $273,000 after purchasing an additional 2,162 shares in the last quarter. 72.75% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. Wall Street Zen upgraded 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 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 investment analyst has rated the stock with a Strong Buy rating and two have given a Buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average target price of $36.33.

Insider Activity

In related news, EVP Lisa Chalkan sold 2,500 shares of the stock in a transaction dated Thursday, September 18th. The stock was sold at an average price of $29.65, for a total value of $74,125.00. Following the completion of the transaction, the executive vice president owned 23,602 shares of the company's stock, valued at approximately $699,799.30. This represents a 9.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Gregory Martin Smith sold 3,200 shares of the company's stock in a transaction on Monday, September 15th. The shares were sold at an average price of $29.15, for a total transaction of $93,280.00. Following the completion of the sale, the executive vice president directly owned 5,427 shares in the company, valued at $158,197.05. This represents a 37.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 6.95% of the company's stock.

Peapack-Gladstone Financial Trading Up 0.0%

Peapack-Gladstone Financial stock traded up $0.01 during trading on Monday, hitting $29.07. The company's stock had a trading volume of 135,193 shares, compared to its average volume of 111,280. The stock has a market capitalization of $513.09 million, a price-to-earnings ratio of 15.89 and a beta of 0.92. The stock's fifty day moving average is $27.72 and its 200 day moving average is $27.85. Peapack-Gladstone Financial Corporation has a 1-year low of $23.96 and a 1-year 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.

Peapack-Gladstone Financial (NASDAQ:PGC - Get Free Report) last released its earnings results 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 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, equities research analysts predict that Peapack-Gladstone Financial Corporation will post 2.71 EPS for the current year.

Peapack-Gladstone Financial Dividend Announcement

The company also recently declared 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. The ex-dividend date was Thursday, August 7th. This represents a $0.20 annualized dividend and a yield of 0.7%. Peapack-Gladstone Financial's dividend payout ratio is currently 10.93%.

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.