SG Americas Securities LLC Reduces Stake in Peapack-Gladstone Financial Corporation $PGC

SG Americas Securities LLC reduced its stake in shares of Peapack-Gladstone Financial Corporation (NASDAQ:PGC) by 4.7% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 41,505 shares of the financial services provider’s stock after selling 2,034 shares during the period. SG Americas Securities LLC owned about 0.23% of Peapack-Gladstone Financial worth $1,173,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of the stock. Acadian Asset Management LLC lifted its stake in Peapack-Gladstone Financial by 6.3% in the second quarter. Acadian Asset Management LLC now owns 101,890 shares of the financial services provider’s stock valued at $2,878,000 after purchasing an additional 6,069 shares during the last quarter. State of New Jersey Common Pension Fund D raised its stake in shares of Peapack-Gladstone Financial by 15.5% in the second quarter. State of New Jersey Common Pension Fund D now owns 69,551 shares of the financial services provider’s stock valued at $1,965,000 after buying an additional 9,342 shares during the period. AlphaQuest LLC lifted its position in shares of Peapack-Gladstone Financial by 328.7% during the 2nd quarter. AlphaQuest LLC now owns 11,580 shares of the financial services provider’s stock valued at $327,000 after buying an additional 8,879 shares during the last quarter. CWM LLC grew its stake in shares of Peapack-Gladstone Financial by 338.9% during the 2nd quarter. CWM LLC now owns 913 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 705 shares during the period. Finally, SummerHaven Investment Management LLC increased its holdings in Peapack-Gladstone Financial by 1.5% in the 2nd quarter. SummerHaven Investment Management LLC now owns 36,235 shares of the financial services provider’s stock worth $1,024,000 after acquiring an additional 535 shares during the last quarter. Institutional investors own 72.75% of the company’s stock.

Analyst Ratings Changes

PGC has been the topic of a number of research reports. Weiss Ratings restated a “hold (c)” rating on shares of Peapack-Gladstone Financial in a research note on Wednesday, October 8th. Zacks Research upgraded shares of Peapack-Gladstone Financial from a “strong sell” rating to a “hold” rating in a research note on Friday, October 17th. Finally, Wall Street Zen upgraded shares of Peapack-Gladstone Financial from a “sell” rating to a “hold” rating in a research note on Friday, September 5th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $37.00.

Peapack-Gladstone Financial Stock Up 3.1%

PGC opened at $25.85 on Friday. The firm has a market capitalization of $453.87 million, a P/E ratio of 14.13 and a beta of 0.91. Peapack-Gladstone Financial Corporation has a one year low of $23.96 and a one year high of $37.68. The company has a fifty day moving average price of $27.02 and a 200-day moving average price of $27.60. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.96 and a quick ratio of 0.96.

Peapack-Gladstone Financial (NASDAQ:PGC) last issued its quarterly earnings data on Wednesday, October 22nd. The financial services provider reported $0.54 earnings per share (EPS) for the quarter. Peapack-Gladstone Financial had a return on equity of 5.25% and a net margin of 7.62%.The company had revenue of $70.93 million for the quarter. Equities research analysts expect that Peapack-Gladstone Financial Corporation will post 2.71 earnings per share for the current fiscal year.

Peapack-Gladstone Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 28th. Stockholders of record on Thursday, November 6th will be issued a dividend of $0.05 per share. The ex-dividend date of this dividend is Thursday, November 6th. This represents a $0.20 annualized dividend and a dividend yield of 0.8%. Peapack-Gladstone Financial’s payout ratio is presently 10.31%.

Insider Activity at Peapack-Gladstone Financial

In other news, EVP Gregory Martin Smith sold 3,200 shares of the stock in a transaction on Monday, September 15th. The shares were sold at an average price of $29.15, for a total value of $93,280.00. Following the transaction, the executive vice president owned 5,427 shares of the company’s stock, valued at $158,197.05. This represents a 37.09% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Lisa Chalkan sold 2,500 shares of Peapack-Gladstone Financial stock in a transaction on Thursday, September 18th. The stock was sold at an average price of $29.65, for a total transaction of $74,125.00. Following the sale, the executive vice president directly owned 23,602 shares of the company’s stock, valued at $699,799.30. This represents a 9.58% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 5,702 shares of company stock worth $167,461. 7.63% of the stock is 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.