State of New Jersey Common Pension Fund D Sells 17,457 Shares of Peapack-Gladstone Financial Co. (NASDAQ:PGC)

State of New Jersey Common Pension Fund D lessened its position in Peapack-Gladstone Financial Co. (NASDAQ:PGC) by 19.5% in the 3rd quarter, Holdings Channel.com reports. The fund owned 72,261 shares of the financial services provider’s stock after selling 17,457 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Peapack-Gladstone Financial were worth $1,981,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the company. Price T Rowe Associates Inc. MD raised its holdings 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 buying an additional 628 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Peapack-Gladstone Financial by 68.4% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,324 shares of the financial services provider’s stock worth $75,000 after purchasing an additional 1,350 shares during the period. SG Americas Securities LLC lifted its position in shares of Peapack-Gladstone Financial by 48.4% during the third quarter. SG Americas Securities LLC now owns 10,158 shares of the financial services provider’s stock worth $278,000 after purchasing an additional 3,312 shares during the last quarter. BNP Paribas Financial Markets boosted its stake in shares of Peapack-Gladstone Financial by 90.4% during the first quarter. BNP Paribas Financial Markets now owns 8,399 shares of the financial services provider’s stock valued at $204,000 after purchasing an additional 3,987 shares during the period. Finally, Creative Planning grew its holdings in shares of Peapack-Gladstone Financial by 49.7% in the second quarter. Creative Planning now owns 17,365 shares of the financial services provider’s stock worth $393,000 after purchasing an additional 5,769 shares during the last quarter. 72.75% of the stock is owned by hedge funds and other institutional investors.

Peapack-Gladstone Financial Trading Up 0.8 %

NASDAQ PGC opened at $36.73 on Friday. Peapack-Gladstone Financial Co. has a one year low of $20.30 and a one year high of $37.88. 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 company has a market capitalization of $645.71 million, a price-to-earnings ratio of 20.29 and a beta of 0.96. The company’s 50-day simple moving average is $30.04 and its two-hundred day simple moving average is $26.22.

Peapack-Gladstone Financial (NASDAQ:PGC) last posted its earnings results on Tuesday, October 22nd. The financial services provider reported $0.43 earnings per share 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 during the quarter, compared to analyst estimates of $58.24 million. Equities analysts forecast that Peapack-Gladstone Financial Co. will post 1.82 EPS for the current fiscal year.

Peapack-Gladstone Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Thursday, November 7th will be issued a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 0.54%. The ex-dividend date is Thursday, November 7th. Peapack-Gladstone Financial’s dividend payout ratio is currently 11.05%.

Analysts Set New Price Targets

Several equities research analysts have issued reports on PGC shares. Piper Sandler raised shares of Peapack-Gladstone Financial from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $30.00 to $35.00 in a research report on Wednesday, October 23rd. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $32.00 price target (up previously from $28.00) on shares of Peapack-Gladstone Financial in a report on Monday, July 29th.

Insider Activity

In other Peapack-Gladstone Financial news, EVP John P. Babcock sold 3,000 shares of the business’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 owns 49,155 shares of the company’s stock, valued at approximately $1,587,214.95. The trade was a 5.75 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 7.63% of the company’s stock.

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.