Banc Funds Co. LLC Sells 73,000 Shares of Peapack-Gladstone Financial Co. (NASDAQ:PGC)

Banc Funds Co. LLC cut its stake in shares of Peapack-Gladstone Financial Co. (NASDAQ:PGC) by 10.8% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 602,799 shares of the financial services provider’s stock after selling 73,000 shares during the quarter. Peapack-Gladstone Financial makes up approximately 1.8% of Banc Funds Co. LLC’s holdings, making the stock its 15th biggest position. Banc Funds Co. LLC’s holdings in Peapack-Gladstone Financial were worth $16,523,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. AQR Capital Management LLC raised its holdings in Peapack-Gladstone Financial by 45.6% during the second quarter. AQR Capital Management LLC now owns 95,930 shares of the financial services provider’s stock valued at $2,173,000 after acquiring an additional 30,031 shares during the period. Algert Global LLC raised its stake in Peapack-Gladstone Financial by 165.8% during the 3rd quarter. Algert Global LLC now owns 24,558 shares of the financial services provider’s stock valued at $673,000 after purchasing an additional 15,320 shares during the period. Sei Investments Co. purchased a new position in Peapack-Gladstone Financial in the 2nd quarter worth approximately $214,000. Acadian Asset Management LLC bought a new position in Peapack-Gladstone Financial in the 2nd quarter worth approximately $1,444,000. Finally, Price T Rowe Associates Inc. MD grew its holdings in Peapack-Gladstone Financial by 5.8% during 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 buying an additional 628 shares in the last quarter. 72.75% of the stock is owned by hedge funds and other institutional investors.

Peapack-Gladstone Financial Trading Down 0.8 %

Shares of Peapack-Gladstone Financial stock opened at $36.14 on Monday. Peapack-Gladstone Financial Co. has a twelve month low of $20.30 and a twelve month high of $37.88. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.22. The business has a 50-day moving average price of $31.92 and a 200-day moving average price of $27.20. The firm has a market cap of $635.52 million, a price-to-earnings ratio of 19.97 and a beta of 0.96.

Peapack-Gladstone Financial (NASDAQ:PGC) last released its quarterly earnings results on Tuesday, October 22nd. The financial services provider reported $0.43 earnings per share for the quarter, beating the consensus estimate of $0.37 by $0.06. The business had revenue of $102.14 million during the quarter, compared to analysts’ expectations of $58.24 million. Peapack-Gladstone Financial had a return on equity of 5.55% and a net margin of 8.12%. Equities research analysts anticipate that Peapack-Gladstone Financial Co. will post 1.82 EPS for the current fiscal year.

Peapack-Gladstone Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Thursday, November 7th were paid a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 0.55%. The ex-dividend date of this dividend was Thursday, November 7th. Peapack-Gladstone Financial’s payout ratio is 11.05%.

Insider Buying and Selling at Peapack-Gladstone Financial

In other news, EVP John P. Babcock sold 3,000 shares of the company’s stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $32.29, for a total transaction of $96,870.00. Following the sale, the executive vice president now directly owns 49,155 shares in the company, valued at approximately $1,587,214.95. This represents a 5.75 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 7.63% of the stock is owned by company insiders.

Analysts Set New Price Targets

Separately, Piper Sandler raised shares of Peapack-Gladstone Financial from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $30.00 to $35.00 in a report on Wednesday, October 23rd.

Peapack-Gladstone Financial 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.