Victory Capital Management Inc. Takes Position in Peapack-Gladstone Financial Co. (NASDAQ:PGC)

Victory Capital Management Inc. purchased a new stake in Peapack-Gladstone Financial Co. (NASDAQ:PGC) during the third quarter, HoldingsChannel.com reports. The fund purchased 35,000 shares of the financial services provider’s stock, valued at approximately $959,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of PGC. Creative Planning grew its holdings in shares of Peapack-Gladstone Financial by 34.7% during the third quarter. Creative Planning now owns 23,397 shares of the financial services provider’s stock worth $641,000 after purchasing an additional 6,032 shares during the last quarter. Exchange Traded Concepts LLC purchased a new position in shares of Peapack-Gladstone Financial during the third quarter worth about $292,000. SG Americas Securities LLC grew its holdings 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. Cubist Systematic Strategies LLC purchased a new position in shares of Peapack-Gladstone Financial during the second quarter worth about $223,000. Finally, Algert Global LLC purchased a new position in shares of Peapack-Gladstone Financial during the second quarter worth about $209,000. 72.75% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Peapack-Gladstone Financial

In other Peapack-Gladstone Financial news, EVP John P. Babcock sold 3,000 shares of Peapack-Gladstone Financial stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $32.29, for a total value 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 7.63% of the stock is owned by corporate insiders.

Peapack-Gladstone Financial Stock Performance

NASDAQ PGC opened at $36.43 on Thursday. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.22. Peapack-Gladstone Financial Co. has a 52-week low of $20.30 and a 52-week high of $37.88. The business’s 50-day moving average price is $31.61 and its 200 day moving average price is $27.00. The firm has a market cap of $640.62 million, a P/E ratio of 20.13 and a beta of 0.96.

Peapack-Gladstone Financial (NASDAQ:PGC) last released its quarterly earnings results on Tuesday, October 22nd. The financial services provider reported $0.43 earnings per share (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 firm had revenue of $102.14 million for the quarter, compared to analyst estimates of $58.24 million. On average, equities research analysts expect that Peapack-Gladstone Financial Co. will post 1.82 earnings per share for the current year.

Peapack-Gladstone Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Thursday, November 7th were issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 0.55%. The ex-dividend date of this dividend was Thursday, November 7th. Peapack-Gladstone Financial’s dividend payout ratio is presently 11.05%.

Analysts Set New Price Targets

Separately, Piper Sandler raised Peapack-Gladstone Financial from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $30.00 to $35.00 in a report on Wednesday, October 23rd.

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.