SG Americas Securities LLC Sells 36,298 Shares of Peapack-Gladstone Financial Corporation $PGC

SG Americas Securities LLC cut its stake in shares of Peapack-Gladstone Financial Corporation (NASDAQ:PGC) by 87.5% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 5,207 shares of the financial services provider’s stock after selling 36,298 shares during the quarter. SG Americas Securities LLC’s holdings in Peapack-Gladstone Financial were worth $144,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of PGC. CWM LLC increased its holdings in Peapack-Gladstone Financial by 338.9% during the 2nd quarter. CWM LLC now owns 913 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 705 shares during the period. Merit Financial Group LLC bought a new position in shares of Peapack-Gladstone Financial during the 3rd quarter worth $226,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Peapack-Gladstone Financial by 4.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,939 shares of the financial services provider’s stock valued at $282,000 after buying an additional 390 shares during the period. Azora Capital LP bought a new stake in shares of Peapack-Gladstone Financial in the second quarter valued at about $300,000. Finally, Royal Bank of Canada raised its holdings in shares of Peapack-Gladstone Financial by 40.4% in the first quarter. Royal Bank of Canada now owns 10,675 shares of the financial services provider’s stock valued at $302,000 after acquiring an additional 3,070 shares in the last quarter. Hedge funds and other institutional investors own 72.75% of the company’s stock.

Peapack-Gladstone Financial Stock Performance

PGC opened at $31.72 on Friday. The firm’s 50-day moving average price is $28.68 and its 200-day moving average price is $27.75. The company has a market cap of $557.00 million, a P/E ratio of 16.35 and a beta of 0.72. The company has a quick ratio of 0.96, a current ratio of 0.97 and a debt-to-equity ratio of 0.16. Peapack-Gladstone Financial Corporation has a 52-week low of $23.96 and a 52-week high of $35.41.

Peapack-Gladstone Financial (NASDAQ:PGC) last posted its quarterly earnings results on Tuesday, January 27th. The financial services provider reported $0.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.65 by $0.04. The business had revenue of $77.67 million during the quarter, compared to analysts’ expectations of $73.69 million. Peapack-Gladstone Financial had a net margin of 7.91% and a return on equity of 5.51%. As a group, equities analysts anticipate that Peapack-Gladstone Financial Corporation will post 2.71 EPS for the current fiscal year.

Peapack-Gladstone Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, February 26th. Stockholders of record on Thursday, February 12th will be issued a $0.05 dividend. The ex-dividend date of this dividend is Thursday, February 12th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.6%. Peapack-Gladstone Financial’s dividend payout ratio is currently 10.31%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. Piper Sandler boosted their price target on shares of Peapack-Gladstone Financial from $30.00 to $32.00 and gave the company an “overweight” rating in a report on Wednesday, December 10th. Weiss Ratings reissued a “hold (c)” rating on shares of Peapack-Gladstone Financial in a research note on Thursday, January 22nd. Finally, Zacks Research raised Peapack-Gladstone Financial from a “strong sell” rating to a “hold” rating in a research report on Friday, October 17th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $35.33.

Peapack-Gladstone Financial Profile

Peapack-Gladstone Financial Corporation is the parent company of Peapack-Gladstone Bank, a New Jersey-chartered commercial bank headquartered in Bedminster, New Jersey, that trades on the NASDAQ under the symbol PGC. Through Peapack-Gladstone Bank, the company offers a broad range of deposit and lending solutions, including checking and savings accounts, residential and commercial real estate loans, lines of credit and treasury management services. Clients benefit from both in-branch relationship banking and an expanding suite of digital banking tools designed to support personal and business financial needs.

Complementing its core banking operations, Peapack-Gladstone Financial provides wealth management, trust and financial planning services through its subsidiary, Peapack-Gladstone Wealth Management.