Algert Global LLC Has $563,000 Position in Peapack-Gladstone Financial Corporation (PGC)
Algert Global LLC continued to hold its stake in shares of Peapack-Gladstone Financial Corporation (NASDAQ:PGC) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 17,987 shares of the financial services provider’s stock at the end of the second quarter. Algert Global LLC’s holdings in Peapack-Gladstone Financial Corporation were worth $563,000 as of its most recent SEC filing.
Other hedge funds also recently modified their holdings of the company. Russell Investments Group Ltd. increased its position in Peapack-Gladstone Financial Corporation by 1.7% in the second quarter. Russell Investments Group Ltd. now owns 65,047 shares of the financial services provider’s stock worth $2,035,000 after buying an additional 1,094 shares in the last quarter. Bessemer Group Inc. increased its position in Peapack-Gladstone Financial Corporation by 36.4% in the second quarter. Bessemer Group Inc. now owns 26,600 shares of the financial services provider’s stock worth $832,000 after buying an additional 7,100 shares in the last quarter. Finally, Bowling Portfolio Management LLC acquired a new position in Peapack-Gladstone Financial Corporation during the second quarter worth approximately $432,000. Institutional investors and hedge funds own 66.39% of the company’s stock.
Peapack-Gladstone Financial Corporation (NASDAQ PGC) opened at 30.07 on Friday. The firm has a market cap of $523.31 million, a P/E ratio of 17.00 and a beta of 1.03. Peapack-Gladstone Financial Corporation has a one year low of $19.63 and a one year high of $33.68. The stock’s 50 day moving average is $31.90 and its 200 day moving average is $31.06.
Peapack-Gladstone Financial Corporation (NASDAQ:PGC) last announced its earnings results on Friday, July 28th. The financial services provider reported $0.45 EPS for the quarter, topping the consensus estimate of $0.44 by $0.01. The company had revenue of $35.14 million for the quarter. Peapack-Gladstone Financial Corporation had a return on equity of 9.12% and a net margin of 19.54%. On average, equities research analysts expect that Peapack-Gladstone Financial Corporation will post $1.84 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, August 23rd. Stockholders of record on Wednesday, August 9th will be issued a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 0.67%. The ex-dividend date is Monday, August 7th. Peapack-Gladstone Financial Corporation’s payout ratio is presently 11.30%.
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PGC has been the subject of a number of research reports. Keefe, Bruyette & Woods initiated coverage on shares of Peapack-Gladstone Financial Corporation in a report on Monday, July 17th. They issued an “outperform” rating and a $38.00 price objective for the company. ValuEngine raised shares of Peapack-Gladstone Financial Corporation from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Hovde Group initiated coverage on shares of Peapack-Gladstone Financial Corporation in a report on Thursday, April 13th. They issued an “outperform” rating and a $33.00 price objective for the company. Finally, BidaskClub downgraded shares of Peapack-Gladstone Financial Corporation from a “hold” rating to a “sell” rating in a report on Saturday, August 5th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $32.00.
About Peapack-Gladstone Financial Corporation
Peapack-Gladstone Financial Corporation is a bank holding company. The Company’s principal subsidiary is Peapack-Gladstone Bank (the Bank), which is a state chartered commercial bank. The Company operates through two segments: Banking and Private Wealth Management Division. The Banking segment includes commercial, commercial real estate, multifamily, residential and consumer lending activities; deposit generation; operation of automated teller machines (ATMs); telephone and Internet banking services; merchant credit card services, and customer support sales.
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