State of New Jersey Common Pension Fund D Lowers Holdings in Peapack-Gladstone Financial Co. (NASDAQ:PGC)

State of New Jersey Common Pension Fund D decreased its stake in shares of Peapack-Gladstone Financial Co. (NASDAQ:PGC - Free Report) by 19.5% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 72,261 shares of the financial services provider's stock after selling 17,457 shares during the quarter. State of New Jersey Common Pension Fund D owned about 0.41% of Peapack-Gladstone Financial worth $1,981,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in PGC. AQR Capital Management LLC increased its position in shares of 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 in the last quarter. Acadian Asset Management LLC purchased a new stake in Peapack-Gladstone Financial during the 2nd quarter valued at $1,444,000. Sei Investments Co. bought a new stake in shares of Peapack-Gladstone Financial in the 2nd quarter worth $214,000. Price T Rowe Associates Inc. MD raised its stake in shares of Peapack-Gladstone Financial by 5.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 11,423 shares of the financial services provider's stock worth $278,000 after purchasing an additional 628 shares during the last quarter. Finally, Vanguard Group Inc. lifted its holdings in shares of Peapack-Gladstone Financial by 1.1% during the first quarter. Vanguard Group Inc. now owns 903,093 shares of the financial services provider's stock valued at $21,972,000 after purchasing an additional 9,991 shares in the last quarter. 72.75% of the stock is owned by institutional investors.

Peapack-Gladstone Financial Stock Up 0.8 %

Peapack-Gladstone Financial stock opened at $36.73 on Friday. The stock has a market cap of $645.71 million, a PE ratio of 20.29 and a beta of 0.96. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.98 and a current ratio of 0.97. The stock has a fifty day moving average of $30.04 and a 200 day moving average of $26.22. Peapack-Gladstone Financial Co. has a one year low of $20.30 and a one year high of $37.88.

Peapack-Gladstone Financial (NASDAQ:PGC - Get Free Report) last issued its quarterly earnings data on Tuesday, October 22nd. The financial services provider reported $0.43 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.06. The firm had revenue of $102.14 million for the quarter, compared to analysts' expectations of $58.24 million. Peapack-Gladstone Financial had a net margin of 8.12% and a return on equity of 5.55%. As a group, sell-side analysts predict that Peapack-Gladstone Financial Co. will post 1.82 EPS for the current year.

Peapack-Gladstone Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Thursday, November 7th will be given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.54%. The ex-dividend date of this dividend is Thursday, November 7th. Peapack-Gladstone Financial's payout ratio is 11.05%.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Piper Sandler upgraded Peapack-Gladstone Financial from a "neutral" rating to an "overweight" rating and lifted their price objective for the stock from $30.00 to $35.00 in a report on Wednesday, October 23rd. Keefe, Bruyette & Woods restated an "outperform" rating and set a $32.00 price objective (up previously from $28.00) on shares of Peapack-Gladstone Financial in a research report on Monday, July 29th.

Insider Transactions at Peapack-Gladstone Financial

In related news, EVP John P. Babcock sold 10,000 shares of the stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $26.89, for a total value of $268,900.00. Following the completion of the sale, the executive vice president now directly owns 52,155 shares of the company's stock, valued at approximately $1,402,447.95. This represents a 16.09 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 7.63% of the stock is currently owned by company insiders.

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.