Salzhauer Michael Has $4.75 Million Stake in Peapack-Gladstone Financial Co. (NASDAQ:PGC)

Salzhauer Michael cut its stake in Peapack-Gladstone Financial Co. (NASDAQ:PGC) by 2.9% in the 4th quarter, HoldingsChannel.com reports. The firm owned 148,094 shares of the financial services provider’s stock after selling 4,444 shares during the quarter. Peapack-Gladstone Financial comprises 1.6% of Salzhauer Michael’s investment portfolio, making the stock its 13th largest position. Salzhauer Michael’s holdings in Peapack-Gladstone Financial were worth $4,746,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of PGC. Creative Planning lifted its position in shares of Peapack-Gladstone Financial by 49.7% during the second quarter. Creative Planning now owns 17,365 shares of the financial services provider’s stock valued at $393,000 after purchasing an additional 5,769 shares in the last quarter. Cubist Systematic Strategies LLC bought a new position in shares of Peapack-Gladstone Financial during the 2nd quarter worth approximately $223,000. SG Americas Securities LLC boosted its stake in shares of Peapack-Gladstone Financial by 48.4% in the 3rd quarter. SG Americas Securities LLC now owns 10,158 shares of the financial services provider’s stock worth $278,000 after buying an additional 3,312 shares during the last quarter. Exchange Traded Concepts LLC bought a new position in shares of Peapack-Gladstone Financial in the third quarter valued at approximately $292,000. Finally, Victory Capital Management Inc. purchased a new stake in shares of Peapack-Gladstone Financial during the third quarter valued at approximately $959,000. Institutional investors own 72.75% of the company’s stock.

Peapack-Gladstone Financial Trading Down 0.8 %

NASDAQ:PGC opened at $34.06 on Monday. The firm’s 50 day moving average is $32.98 and its 200 day moving average is $30.79. Peapack-Gladstone Financial Co. has a 12 month low of $20.30 and a 12 month high of $37.88. The stock has a market capitalization of $598.77 million, a PE ratio of 18.41 and a beta of 0.99. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.22.

Peapack-Gladstone Financial (NASDAQ:PGC) last issued its quarterly earnings results on Tuesday, January 28th. The financial services provider reported $0.52 EPS for the quarter, beating analysts’ consensus estimates of $0.45 by $0.07. Peapack-Gladstone Financial had a return on equity of 5.57% and a net margin of 8.11%. Sell-side analysts expect that Peapack-Gladstone Financial Co. will post 2.71 earnings per share for the current year.

Peapack-Gladstone Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 21st. Shareholders of record on Thursday, February 6th will be given a dividend of $0.05 per share. The ex-dividend date of this dividend is Thursday, February 6th. This represents a $0.20 dividend on an annualized basis and a yield of 0.59%. Peapack-Gladstone Financial’s dividend payout ratio is presently 10.81%.

Analyst Upgrades and Downgrades

PGC has been the topic of several research analyst reports. Keefe, Bruyette & Woods boosted their price objective on Peapack-Gladstone Financial from $38.00 to $44.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Piper Sandler raised shares of Peapack-Gladstone Financial from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $30.00 to $35.00 in a report on Wednesday, October 23rd.

Insider Transactions at Peapack-Gladstone Financial

In related news, EVP Gregory Martin Smith sold 17,633 shares of the business’s stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $31.95, for a total transaction of $563,374.35. Following the sale, the executive vice president now directly owns 297 shares in the company, valued at approximately $9,489.15. The trade was a 98.34 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate 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.