Peapack-Gladstone Financial Co. (NASDAQ:PGC) Shares Purchased by Synergy Asset Management LLC

Synergy Asset Management LLC grew its position in shares of Peapack-Gladstone Financial Co. (NASDAQ:PGC - Free Report) by 7.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 349,414 shares of the financial services provider's stock after purchasing an additional 25,687 shares during the period. Peapack-Gladstone Financial accounts for about 0.9% of Synergy Asset Management LLC's investment portfolio, making the stock its 27th largest position. Synergy Asset Management LLC owned about 1.99% of Peapack-Gladstone Financial worth $11,199,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the company. Sei Investments Co. purchased a new position in shares of Peapack-Gladstone Financial during the 2nd quarter worth about $214,000. Cubist Systematic Strategies LLC purchased a new position in shares of Peapack-Gladstone Financial during the 2nd quarter worth about $223,000. Squarepoint Ops LLC purchased a new position in shares of Peapack-Gladstone Financial during the 2nd quarter worth about $626,000. AQR Capital Management LLC lifted its holdings in shares of Peapack-Gladstone Financial by 45.6% during the 2nd quarter. AQR Capital Management LLC now owns 95,930 shares of the financial services provider's stock worth $2,173,000 after acquiring an additional 30,031 shares during the period. Finally, Algert Global LLC purchased a new position in shares of Peapack-Gladstone Financial during the 2nd quarter worth about $209,000. 72.75% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, EVP Gregory Martin Smith sold 17,633 shares of the firm's stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $31.95, for a total transaction of $563,374.35. Following the completion of the sale, the executive vice president now owns 297 shares of the company's stock, valued at approximately $9,489.15. This trade represents a 98.34 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 7.63% of the company's stock.

Peapack-Gladstone Financial Trading Down 0.3 %

NASDAQ PGC traded down $0.09 during mid-day trading on Monday, hitting $31.56. The company's stock had a trading volume of 68,840 shares, compared to its average volume of 80,788. Peapack-Gladstone Financial Co. has a 52-week low of $20.30 and a 52-week high of $37.88. The stock's fifty day simple moving average is $33.31 and its two-hundred day simple moving average is $30.59. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.97 and a quick ratio of 0.97. The firm has a market capitalization of $554.98 million, a P/E ratio of 17.06 and a beta of 1.00.

Peapack-Gladstone Financial (NASDAQ:PGC - Get Free Report) last posted its quarterly earnings results on Tuesday, January 28th. The financial services provider reported $0.52 EPS for the quarter, beating the consensus estimate of $0.45 by $0.07. Peapack-Gladstone Financial had a net margin of 8.11% and a return on equity of 5.57%. Research analysts expect that Peapack-Gladstone Financial Co. will post 2.71 EPS for the current year.

Peapack-Gladstone Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 21st. Stockholders of record on Thursday, February 6th will be paid a dividend of $0.05 per share. The ex-dividend date is Thursday, February 6th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.63%. Peapack-Gladstone Financial's dividend payout ratio is currently 10.81%.

Wall Street Analyst Weigh In

PGC has been the topic of several recent analyst reports. Keefe, Bruyette & Woods increased their price objective on shares of Peapack-Gladstone Financial from $38.00 to $44.00 and gave the stock an "outperform" rating in a report on Wednesday, December 4th. Piper Sandler upgraded shares of Peapack-Gladstone Financial from a "neutral" rating to an "overweight" rating and raised their price target for the company from $30.00 to $35.00 in a report on Wednesday, October 23rd.

About Peapack-Gladstone Financial

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.