Peapack-Gladstone Financial Corporation $PGC Stock Position Increased by Wellington Management Group LLP

Wellington Management Group LLP increased its position in Peapack-Gladstone Financial Corporation (NASDAQ:PGC) by 6.1% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 674,880 shares of the financial services provider’s stock after acquiring an additional 38,797 shares during the period. Wellington Management Group LLP’s holdings in Peapack-Gladstone Financial were worth $31,942,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Empowered Funds LLC bought a new stake in Peapack-Gladstone Financial in the second quarter worth about $3,841,000. Public Employees Retirement System of Ohio bought a new position in shares of Peapack-Gladstone Financial during the 2nd quarter valued at about $350,000. Bank of America Corp DE acquired a new position in shares of Peapack-Gladstone Financial in the 2nd quarter worth approximately $5,411,000. Basswood Capital Management L.L.C. acquired a new position in shares of Peapack-Gladstone Financial in the 2nd quarter worth approximately $13,778,000. Finally, Jupiter Topco LLC bought a new stake in shares of Peapack-Gladstone Financial in the 2nd quarter worth approximately $366,000. Institutional investors own 72.75% of the company’s stock.

Peapack-Gladstone Financial Trading Up 1.0%

PGC stock opened at $46.38 on Friday. Peapack-Gladstone Financial Corporation has a one year low of $24.71 and a one year high of $49.14. The firm has a 50-day moving average of $46.17 and a two-hundred day moving average of $41.72. The firm has a market capitalization of $822.32 million, a PE ratio of 16.10 and a beta of 0.70.

Peapack-Gladstone Financial (NASDAQ:PGC) last released its earnings results on Monday, July 27th. The financial services provider reported $0.85 earnings per share for the quarter, missing the consensus estimate of $0.88 by ($0.03). Peapack-Gladstone Financial had a return on equity of 7.82% and a net margin of 11.09%.The firm had revenue of $86.05 million during the quarter, compared to analysts’ expectations of $85.17 million. On average, equities research analysts anticipate that Peapack-Gladstone Financial Corporation will post 3.58 earnings per share for the current year.

Peapack-Gladstone Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 27th. Shareholders of record on Thursday, August 13th were given a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 0.4%. The ex-dividend date was Thursday, August 13th. Peapack-Gladstone Financial’s payout ratio is presently 6.94%.

Insider Activity

In other news, EVP Lisa Chalkan sold 1,100 shares of the firm’s stock in a transaction on Monday, June 29th. The stock was sold at an average price of $47.60, for a total value of $52,360.00. Following the completion of the sale, the executive vice president owned 26,075 shares of the company’s stock, valued at $1,241,170. This trade represents a 4.05% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP John P. Babcock sold 5,000 shares of Peapack-Gladstone Financial stock in a transaction on Monday, June 29th. The shares were sold at an average price of $47.11, for a total value of $235,550.00. Following the transaction, the executive vice president owned 45,582 shares in the company, valued at $2,147,368.02. This represents a 9.88% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 9,350 shares of company stock valued at $432,995. 5.75% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. Zacks Research lowered shares of Peapack-Gladstone Financial from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 29th. Piper Sandler upped their price target on Peapack-Gladstone Financial from $54.00 to $58.00 and gave the company an “overweight” rating in a report on Wednesday, July 29th. Wall Street Zen downgraded Peapack-Gladstone Financial from a “buy” rating to a “hold” rating in a research report on Sunday, July 26th. Keefe, Bruyette & Woods reissued a “moderate buy” rating and set a $56.00 price objective (up from $55.00) on shares of Peapack-Gladstone Financial in a research note on Monday, August 3rd. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of Peapack-Gladstone Financial in a report on Friday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $56.33.

About Peapack-Gladstone Financial

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.