SG Americas Securities LLC Reduces Stock Holdings in Peapack-Gladstone Financial Corporation $PGC

by · The Cerbat Gem

SG Americas Securities LLC lessened its holdings in shares of Peapack-Gladstone Financial Corporation (NASDAQ:PGC – Free Report) by 87.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,207 shares of the financial services provider’s stock after selling 36,298 shares during the period. SG Americas Securities LLC’s holdings in Peapack-Gladstone Financial were worth $144,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PGC. CWM LLC grew its position 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 acquired a new stake in Peapack-Gladstone Financial during the third quarter worth about $226,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in 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 acquiring an additional 390 shares in the last quarter. Azora Capital LP acquired a new position in Peapack-Gladstone Financial in the second quarter valued at approximately $300,000. Finally, Royal Bank of Canada boosted its position in Peapack-Gladstone Financial by 40.4% in the 1st quarter. Royal Bank of Canada now owns 10,675 shares of the financial services provider’s stock worth $302,000 after purchasing an additional 3,070 shares in the last quarter. 72.75% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

Get Our Latest Research Report on Peapack-Gladstone Financial

Peapack-Gladstone Financial Trading Up 5.2%

Shares of Peapack-Gladstone Financial stock opened at $31.72 on Friday. The company has a current ratio of 0.97, a quick ratio of 0.96 and a debt-to-equity ratio of 0.16. Peapack-Gladstone Financial Corporation has a twelve month low of $23.96 and a twelve month high of $35.41. The firm has a market capitalization of $557.00 million, a PE ratio of 16.35 and a beta of 0.72. The firm’s 50-day moving average price is $28.68 and its 200 day moving average price is $27.75.

Peapack-Gladstone Financial (NASDAQ:PGC – Get Free Report) last announced its earnings results on Tuesday, January 27th. The financial services provider reported $0.69 EPS for the quarter, beating 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 return on equity of 5.51% and a net margin of 7.91%. On average, sell-side analysts predict that Peapack-Gladstone Financial Corporation will post 2.71 EPS for the current fiscal year.

Peapack-Gladstone Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, February 26th. Stockholders of record on Thursday, February 12th will be issued a dividend of $0.05 per share. 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 presently 10.31%.

Peapack-Gladstone Financial Company Profile

(Free Report)

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.

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