Bank of New York Mellon Corp Trims Holdings in Peapack-Gladstone Financial Co. (NASDAQ:PGC)

Bank of New York Mellon Corp reduced its position in shares of Peapack-Gladstone Financial Co. (NASDAQ:PGC) by 4.1% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 102,568 shares of the financial services provider’s stock after selling 4,405 shares during the period. Bank of New York Mellon Corp owned 0.58% of Peapack-Gladstone Financial worth $2,323,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Quest Partners LLC purchased a new position in shares of Peapack-Gladstone Financial during the 4th quarter worth about $77,000. BNP Paribas Financial Markets raised its stake in Peapack-Gladstone Financial by 90.4% during the first quarter. BNP Paribas Financial Markets now owns 8,399 shares of the financial services provider’s stock worth $204,000 after purchasing an additional 3,987 shares during the period. Denali Advisors LLC purchased a new position in Peapack-Gladstone Financial during the first quarter worth approximately $204,000. Price T Rowe Associates Inc. MD boosted its holdings in shares of Peapack-Gladstone Financial by 5.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 11,423 shares of the financial services provider’s stock valued at $278,000 after purchasing an additional 628 shares during the last quarter. Finally, Corient Private Wealth LLC purchased a new stake in shares of Peapack-Gladstone Financial during the 4th quarter valued at $467,000. 72.75% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Peapack-Gladstone Financial news, EVP John P. Babcock sold 10,000 shares of the stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $26.89, for a total transaction of $268,900.00. Following the sale, the executive vice president now directly owns 52,155 shares of the company’s stock, valued at $1,402,447.95. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 7.63% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $32.00 target price (up previously from $28.00) on shares of Peapack-Gladstone Financial in a report on Monday, July 29th.

Peapack-Gladstone Financial Stock Performance

Shares of PGC opened at $26.75 on Tuesday. The firm has a market cap of $472.94 million, a price-to-earnings ratio of 12.27 and a beta of 0.99. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.23. The business’s 50 day moving average is $26.44 and its two-hundred day moving average is $24.12. Peapack-Gladstone Financial Co. has a 52-week low of $20.30 and a 52-week high of $30.68.

Peapack-Gladstone Financial (NASDAQ:PGC) last posted its quarterly earnings data on Tuesday, July 23rd. The financial services provider reported $0.42 EPS for the quarter, meeting analysts’ consensus estimates of $0.42. The firm had revenue of $100.79 million for the quarter, compared to the consensus estimate of $56.80 million. Peapack-Gladstone Financial had a net margin of 8.50% and a return on equity of 5.91%. Analysts forecast that Peapack-Gladstone Financial Co. will post 1.68 EPS for the current fiscal year.

Peapack-Gladstone Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 22nd. Stockholders of record on Thursday, August 8th were given a $0.05 dividend. The ex-dividend date of this dividend was Thursday, August 8th. This represents a $0.20 annualized dividend and a dividend yield of 0.75%. Peapack-Gladstone Financial’s payout ratio is 9.17%.

Peapack-Gladstone Financial Company 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 Peapack Private. It offers checking and savings accounts, money market and interest-bearing checking accounts, certificates of deposit, and individual retirement accounts.