Peapack-Gladstone Financial Co. (PGC) Shares Sold by Bank of America Corp DE

Bank of America Corp DE lowered its position in Peapack-Gladstone Financial Co. (NASDAQ:PGC) by 24.5% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,359 shares of the financial services provider’s stock after selling 3,044 shares during the quarter. Bank of America Corp DE’s holdings in Peapack-Gladstone Financial were worth $324,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the company. Algert Global LLC raised its position in shares of Peapack-Gladstone Financial by 32.2% during the 2nd quarter. Algert Global LLC now owns 33,426 shares of the financial services provider’s stock valued at $1,156,000 after buying an additional 8,145 shares in the last quarter. First Trust Advisors LP raised its position in shares of Peapack-Gladstone Financial by 23.0% during the 2nd quarter. First Trust Advisors LP now owns 45,622 shares of the financial services provider’s stock valued at $1,578,000 after buying an additional 8,529 shares in the last quarter. IndexIQ Advisors LLC raised its position in shares of Peapack-Gladstone Financial by 8.7% during the 2nd quarter. IndexIQ Advisors LLC now owns 65,511 shares of the financial services provider’s stock valued at $2,266,000 after buying an additional 5,248 shares in the last quarter. Virginia Retirement Systems ET AL purchased a new stake in shares of Peapack-Gladstone Financial during the 2nd quarter valued at $356,000. Finally, Boston Partners raised its position in shares of Peapack-Gladstone Financial by 14.5% during the 2nd quarter. Boston Partners now owns 492,097 shares of the financial services provider’s stock valued at $17,022,000 after buying an additional 62,339 shares in the last quarter. Institutional investors and hedge funds own 71.66% of the company’s stock.

In other Peapack-Gladstone Financial news, CEO Douglas L. Kennedy bought 1,000 shares of the firm’s stock in a transaction that occurred on Monday, November 5th. The shares were bought at an average price of $27.96 per share, for a total transaction of $27,960.00. Following the transaction, the chief executive officer now directly owns 100,049 shares in the company, valued at $2,797,370.04. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Jeffrey J. Carfora bought 1,500 shares of the firm’s stock in a transaction that occurred on Monday, November 5th. The stock was acquired at an average price of $28.21 per share, for a total transaction of $42,315.00. Following the transaction, the chief financial officer now owns 81,116 shares in the company, valued at $2,288,282.36. The disclosure for this purchase can be found here. 4.84% of the stock is owned by company insiders.

Several analysts have recently weighed in on PGC shares. BidaskClub cut shares of Peapack-Gladstone Financial from a “sell” rating to a “strong sell” rating in a research report on Wednesday, August 8th. Zacks Investment Research cut shares of Peapack-Gladstone Financial from a “hold” rating to a “sell” rating in a research report on Wednesday, September 26th. ValuEngine cut shares of Peapack-Gladstone Financial from a “hold” rating to a “sell” rating in a research report on Thursday, September 27th. Finally, Keefe, Bruyette & Woods restated a “buy” rating and set a $36.00 price objective on shares of Peapack-Gladstone Financial in a research report on Wednesday, October 31st. Three analysts have rated the stock with a sell rating and three have assigned a buy rating to the stock. Peapack-Gladstone Financial has a consensus rating of “Hold” and an average target price of $37.50.

Shares of NASDAQ:PGC opened at $27.67 on Monday. The firm has a market capitalization of $532.34 million, a P/E ratio of 14.26 and a beta of 0.97. Peapack-Gladstone Financial Co. has a 52 week low of $25.82 and a 52 week high of $38.00. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.04 and a current ratio of 1.04.

Peapack-Gladstone Financial (NASDAQ:PGC) last issued its earnings results on Friday, October 26th. The financial services provider reported $0.56 EPS for the quarter, missing analysts’ consensus estimates of $0.59 by ($0.03). The business had revenue of $39.13 million during the quarter, compared to analysts’ expectations of $42.08 million. Peapack-Gladstone Financial had a return on equity of 9.83% and a net margin of 22.25%. As a group, equities analysts forecast that Peapack-Gladstone Financial Co. will post 2.37 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Friday, November 23rd. Investors of record on Thursday, November 8th were given a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 0.72%. The ex-dividend date was Wednesday, November 7th. Peapack-Gladstone Financial’s payout ratio is presently 10.31%.

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Peapack-Gladstone Financial 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 Private Wealth Management. It offers checking and savings accounts, money market and interest-bearing checking accounts, certificates of deposit, and individual retirement accounts.

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Institutional Ownership by Quarter for Peapack-Gladstone Financial (NASDAQ:PGC)

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