Wellington Management Group LLP Acquires 22,805 Shares of Peapack-Gladstone Financial Co. (NASDAQ:PGC)

Wellington Management Group LLP increased its holdings in shares of Peapack-Gladstone Financial Co. (NASDAQ:PGC - Free Report) by 3.6% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 654,450 shares of the financial services provider's stock after purchasing an additional 22,805 shares during the period. Wellington Management Group LLP owned 3.72% of Peapack-Gladstone Financial worth $20,975,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of 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 buying an additional 380 shares during the period. Victory Capital Management Inc. increased its stake in shares of Peapack-Gladstone Financial by 1.6% during the fourth quarter. Victory Capital Management Inc. now owns 35,567 shares of the financial services provider's stock worth $1,140,000 after acquiring an additional 567 shares during the period. Gamco Investors INC. ET AL boosted its holdings 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 worth $1,842,000 after buying an additional 750 shares in the last quarter. Barclays PLC raised its stake in shares of Peapack-Gladstone Financial by 2.5% during the 4th quarter. Barclays PLC now owns 34,491 shares of the financial services provider's stock worth $1,105,000 after buying an additional 835 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in Peapack-Gladstone Financial by 0.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 129,982 shares of the financial services provider's stock valued at $4,166,000 after buying an additional 895 shares during the last quarter. 72.75% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

PGC has been the subject of a number of research reports. Raymond James started coverage on Peapack-Gladstone Financial in a report on Friday, April 11th. They set a "strong-buy" rating and a $39.00 target price for the company. Keefe, Bruyette & Woods decreased their price target on Peapack-Gladstone Financial from $40.00 to $38.00 and set an "outperform" rating for the company in a research note on Thursday, April 24th. Finally, Wall Street Zen raised Peapack-Gladstone Financial from a "sell" rating to a "hold" rating in a research note on Friday, May 30th.

Insider Activity at Peapack-Gladstone Financial

In other Peapack-Gladstone Financial news, CEO Douglas L. Kennedy sold 20,000 shares of the stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $28.91, for a total value of $578,200.00. Following the transaction, the chief executive officer now directly owns 43,703 shares of the company's stock, valued at $1,263,453.73. This represents a 31.40% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director F Duffield Meyercord bought 6,316 shares of Peapack-Gladstone Financial stock in a transaction on Monday, March 31st. The stock was acquired at an average cost of $28.44 per share, for a total transaction of $179,627.04. Following the acquisition, the director now owns 140,372 shares in the company, valued at approximately $3,992,179.68. This represents a 4.71% increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders have sold 40,000 shares of company stock valued at $1,152,650. 7.63% of the stock is owned by corporate insiders.

Peapack-Gladstone Financial Price Performance

NASDAQ PGC traded down $0.44 on Wednesday, reaching $27.42. The company's stock had a trading volume of 58,446 shares, compared to its average volume of 95,390. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.22. The firm has a market cap of $486.32 million, a PE ratio of 14.82 and a beta of 0.87. Peapack-Gladstone Financial Co. has a 52 week low of $20.30 and a 52 week high of $37.88. The business has a 50-day moving average price of $27.34 and a 200 day moving average price of $30.86.

Peapack-Gladstone Financial (NASDAQ:PGC - Get Free Report) last issued its quarterly earnings results on Tuesday, April 22nd. The financial services provider reported $0.43 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.51 by ($0.08). Peapack-Gladstone Financial had a return on equity of 5.57% and a net margin of 8.11%. The company had revenue of $64.36 million for the quarter, compared to analyst estimates of $64.07 million. Sell-side analysts expect that Peapack-Gladstone Financial Co. will post 2.71 EPS for the current year.

Peapack-Gladstone Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, May 22nd. Shareholders of record on Thursday, May 8th were issued a dividend of $0.05 per share. The ex-dividend date was Thursday, May 8th. This represents a $0.20 annualized dividend and a yield of 0.73%. Peapack-Gladstone Financial's dividend payout ratio (DPR) is currently 11.11%.

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.