Salzhauer Michael Grows Stock Position in Peapack-Gladstone Financial Co. (NASDAQ:PGC)

Salzhauer Michael raised its stake in Peapack-Gladstone Financial Co. (NASDAQ:PGC) by 5.1% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 152,339 shares of the financial services provider’s stock after acquiring an additional 7,429 shares during the quarter. Peapack-Gladstone Financial makes up approximately 2.7% of Salzhauer Michael’s investment portfolio, making the stock its 10th largest position. Salzhauer Michael owned 0.86% of Peapack-Gladstone Financial worth $3,450,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in PGC. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Peapack-Gladstone Financial by 68.4% during 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 last quarter. Quest Partners LLC bought a new stake in Peapack-Gladstone Financial during the 4th quarter worth approximately $77,000. BNP Paribas Financial Markets increased its position in Peapack-Gladstone Financial by 90.4% in the 1st quarter. BNP Paribas Financial Markets now owns 8,399 shares of the financial services provider’s stock valued at $204,000 after acquiring an additional 3,987 shares during the period. Denali Advisors LLC bought a new position in shares of Peapack-Gladstone Financial during the first quarter valued at $204,000. Finally, Price T Rowe Associates Inc. MD grew 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. 72.75% of the stock is currently owned by institutional investors and hedge funds.

Peapack-Gladstone Financial Stock Up 2.9 %

Peapack-Gladstone Financial stock opened at $26.58 on Monday. The firm has a 50 day moving average price of $26.34 and a two-hundred day moving average price of $24.11. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.98 and a current ratio of 0.98. Peapack-Gladstone Financial Co. has a 52-week low of $20.30 and a 52-week high of $30.68. The firm has a market cap of $472.22 million, a price-to-earnings ratio of 12.19 and a beta of 0.99.

Peapack-Gladstone Financial (NASDAQ:PGC) last released its earnings results on Tuesday, July 23rd. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.42. Peapack-Gladstone Financial had a net margin of 8.50% and a return on equity of 5.91%. The business had revenue of $100.79 million for the quarter, compared to analyst estimates of $56.80 million. Equities analysts predict that Peapack-Gladstone Financial Co. will post 1.68 EPS for the current year.

Peapack-Gladstone Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 22nd. Investors of record on Thursday, August 8th were paid a dividend of $0.05 per share. The ex-dividend date was Thursday, August 8th. This represents a $0.20 annualized dividend and a yield of 0.75%. Peapack-Gladstone Financial’s dividend payout ratio is currently 9.17%.

Wall Street Analysts Forecast Growth

Separately, Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $32.00 target price (up from $28.00) on shares of Peapack-Gladstone Financial in a research report on Monday, July 29th.

Insider Buying and Selling at Peapack-Gladstone Financial

In other news, EVP John P. Babcock sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $26.89, for a total transaction of $268,900.00. Following the completion of the sale, the executive vice president now owns 52,155 shares of the company’s stock, valued at approximately $1,402,447.95. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 7.63% of the company’s stock.

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