Rikoon Group LLC lessened its stake in Peapack-Gladstone Financial Co. (NASDAQ:PGC) by 6.9% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 7,400 shares of the financial services provider’s stock after selling 549 shares during the quarter. Rikoon Group LLC’s holdings in Peapack-Gladstone Financial were worth $207,000 as of its most recent SEC filing.
A number of other institutional investors also recently added to or reduced their stakes in the business. BlackRock Inc. increased its stake in Peapack-Gladstone Financial by 0.9% in the 2nd quarter. BlackRock Inc. now owns 1,247,305 shares of the financial services provider’s stock valued at $35,075,000 after buying an additional 10,944 shares during the period. Banc Funds Co. LLC grew its position in Peapack-Gladstone Financial by 9.9% in the second quarter. Banc Funds Co. LLC now owns 1,183,557 shares of the financial services provider’s stock worth $33,282,000 after acquiring an additional 106,600 shares in the last quarter. Boston Partners grew its position in Peapack-Gladstone Financial by 0.4% in the second quarter. Boston Partners now owns 768,301 shares of the financial services provider’s stock worth $21,606,000 after acquiring an additional 3,194 shares in the last quarter. Russell Investments Group Ltd. grew its position in Peapack-Gladstone Financial by 20.1% in the second quarter. Russell Investments Group Ltd. now owns 583,710 shares of the financial services provider’s stock worth $16,410,000 after acquiring an additional 97,502 shares in the last quarter. Finally, Brown Advisory Inc. grew its position in Peapack-Gladstone Financial by 52.8% in the second quarter. Brown Advisory Inc. now owns 463,143 shares of the financial services provider’s stock worth $13,024,000 after acquiring an additional 160,029 shares in the last quarter. Hedge funds and other institutional investors own 72.64% of the company’s stock.
PGC has been the subject of several recent research reports. ValuEngine downgraded shares of Peapack-Gladstone Financial from a “hold” rating to a “sell” rating in a research report on Thursday, October 31st. BidaskClub raised shares of Peapack-Gladstone Financial from a “sell” rating to a “hold” rating in a research report on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company’s stock. Peapack-Gladstone Financial has a consensus rating of “Hold” and a consensus target price of $37.00.
PGC stock traded down $0.11 during trading hours on Friday, hitting $30.01. The company’s stock had a trading volume of 54,600 shares, compared to its average volume of 65,386. Peapack-Gladstone Financial Co. has a 12 month low of $23.96 and a 12 month high of $30.89. The company has a market capitalization of $592.25 million, a PE ratio of 12.99, a price-to-earnings-growth ratio of 2.23 and a beta of 0.98. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.40. The stock has a 50 day moving average price of $28.30 and a two-hundred day moving average price of $28.03.
Peapack-Gladstone Financial (NASDAQ:PGC) last announced its quarterly earnings data on Friday, October 25th. The financial services provider reported $0.63 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.65 by ($0.02). Peapack-Gladstone Financial had a net margin of 20.12% and a return on equity of 9.54%. The business had revenue of $44.50 million during the quarter, compared to analyst estimates of $44.07 million. Sell-side analysts expect that Peapack-Gladstone Financial Co. will post 2.39 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Thursday, November 7th will be paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.67%. The ex-dividend date is Wednesday, November 6th. Peapack-Gladstone Financial’s dividend payout ratio is 8.66%.
In related news, EVP John P. Babcock sold 2,000 shares of the stock in a transaction dated Wednesday, September 11th. The shares were sold at an average price of $28.91, for a total transaction of $57,820.00. Following the completion of the sale, the executive vice president now owns 41,620 shares in the company, valued at approximately $1,203,234.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Eric H. Waser sold 1,500 shares of the stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $28.62, for a total transaction of $42,930.00. Following the sale, the executive vice president now owns 24,441 shares of the company’s stock, valued at approximately $699,501.42. The disclosure for this sale can be found here. In the last 90 days, insiders sold 16,000 shares of company stock valued at $452,715. Corporate insiders own 4.13% of the company’s stock.
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 Private Wealth Management. It offers checking and savings accounts, money market and interest-bearing checking accounts, certificates of deposit, and individual retirement accounts.
Further Reading: Portfolio Manager
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