Algert Global LLC Boosts Holdings in Peapack-Gladstone Financial Co. (NASDAQ:PGC)

Algert Global LLC lifted its holdings in Peapack-Gladstone Financial Co. (NASDAQ:PGC - Free Report) by 165.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 24,558 shares of the financial services provider's stock after purchasing an additional 15,320 shares during the period. Algert Global LLC owned about 0.14% of Peapack-Gladstone Financial worth $673,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently bought and sold shares of the company. Empowered Funds LLC raised its position in Peapack-Gladstone Financial by 5.2% during the third quarter. Empowered Funds LLC now owns 48,710 shares of the financial services provider's stock worth $1,335,000 after acquiring an additional 2,412 shares during the period. Victory Capital Management Inc. acquired a new position in shares of Peapack-Gladstone Financial during the 3rd quarter worth about $959,000. Creative Planning lifted its stake in Peapack-Gladstone Financial by 34.7% in the 3rd quarter. Creative Planning now owns 23,397 shares of the financial services provider's stock valued at $641,000 after buying an additional 6,032 shares in the last quarter. Exchange Traded Concepts LLC acquired a new stake in Peapack-Gladstone Financial in the 3rd quarter worth about $292,000. Finally, SG Americas Securities LLC increased its stake in Peapack-Gladstone Financial by 48.4% during the 3rd quarter. SG Americas Securities LLC now owns 10,158 shares of the financial services provider's stock worth $278,000 after buying an additional 3,312 shares in the last quarter. Institutional investors and hedge funds own 72.75% of the company's stock.

Wall Street Analysts Forecast Growth

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

Insiders Place Their Bets

In related news, EVP John P. Babcock sold 3,000 shares of the company's stock in a transaction that occurred on 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 7.63% of the company's stock.

Peapack-Gladstone Financial Trading Down 0.8 %

NASDAQ PGC traded down $0.29 during trading hours on Friday, reaching $36.14. The company had a trading volume of 76,972 shares, compared to its average volume of 97,758. Peapack-Gladstone Financial Co. has a 1-year low of $20.30 and a 1-year high of $37.88. The stock has a market capitalization of $635.34 million, a P/E ratio of 19.97 and a beta of 0.96. The stock has a 50-day moving average of $31.92 and a 200 day moving average of $27.16. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.22.

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, topping 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 for the quarter, compared to analysts' expectations of $58.24 million. As a group, research analysts anticipate that Peapack-Gladstone Financial Co. will post 1.82 earnings per share for the current fiscal 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 given a $0.05 dividend. The ex-dividend date was Thursday, November 7th. This represents a $0.20 annualized dividend and a yield of 0.55%. Peapack-Gladstone Financial's dividend payout ratio 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.