Banc Funds Co. LLC Trims Stake in Peapack-Gladstone Financial Co. (NASDAQ:PGC)

Banc Funds Co. LLC decreased its holdings in Peapack-Gladstone Financial Co. (NASDAQ:PGC - Free Report) by 10.8% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 602,799 shares of the financial services provider's stock after selling 73,000 shares during the period. Peapack-Gladstone Financial comprises approximately 1.8% of Banc Funds Co. LLC's holdings, making the stock its 15th largest holding. Banc Funds Co. LLC owned approximately 3.43% of Peapack-Gladstone Financial worth $16,523,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of PGC. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Peapack-Gladstone Financial by 68.4% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,324 shares of the financial services provider's stock worth $75,000 after buying an additional 1,350 shares in the last quarter. Algert Global LLC bought a new stake in Peapack-Gladstone Financial during the second quarter valued at about $209,000. Sei Investments Co. bought a new stake in Peapack-Gladstone Financial during the second quarter valued at about $214,000. Cubist Systematic Strategies LLC bought a new stake in Peapack-Gladstone Financial during the second quarter valued at about $223,000. Finally, Price T Rowe Associates Inc. MD boosted its position in Peapack-Gladstone Financial by 5.8% during the first 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 in the last quarter. Hedge funds and other institutional investors own 72.75% of the company's stock.

Insider Buying and Selling at Peapack-Gladstone Financial

In other news, EVP John P. Babcock sold 3,000 shares of the firm's stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $32.29, for a total value of $96,870.00. Following the completion of the transaction, the executive vice president now directly owns 49,155 shares in the company, valued at $1,587,214.95. This trade represents a 5.75 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 7.63% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Separately, Piper Sandler raised Peapack-Gladstone Financial from a "neutral" rating to an "overweight" rating and raised their price objective for the company from $30.00 to $35.00 in a research report on Wednesday, October 23rd.

Peapack-Gladstone Financial Stock Up 1.1 %

Peapack-Gladstone Financial stock traded up $0.38 during midday trading on Monday, reaching $36.52. The company's stock had a trading volume of 33,458 shares, compared to its average volume of 97,478. The stock's 50-day simple moving average is $31.92 and its 200-day simple moving average is $27.20. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.97 and a quick ratio of 0.97. Peapack-Gladstone Financial Co. has a 52-week low of $20.30 and a 52-week high of $37.88. The stock has a market capitalization of $642.20 million, a P/E ratio of 19.97 and a beta of 0.96.

Peapack-Gladstone Financial (NASDAQ:PGC - Get Free Report) last released its quarterly earnings results on Tuesday, October 22nd. The financial services provider reported $0.43 EPS for the quarter, beating analysts' consensus estimates of $0.37 by $0.06. Peapack-Gladstone Financial had a return on equity of 5.55% and a net margin of 8.12%. The company had revenue of $102.14 million during the quarter, compared to analysts' expectations of $58.24 million. On average, sell-side analysts expect that Peapack-Gladstone Financial Co. will post 1.82 EPS for the current year.

Peapack-Gladstone Financial Dividend Announcement

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

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.