Elk River Wealth Management LLC Reduces Stock Position in Peapack-Gladstone Financial Co. (NASDAQ:PGC)

Elk River Wealth Management LLC cut its stake in Peapack-Gladstone Financial Co. (NASDAQ:PGC) by 10.3% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 13,900 shares of the financial services provider’s stock after selling 1,600 shares during the period. Elk River Wealth Management LLC owned approximately 0.08% of Peapack-Gladstone Financial worth $445,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also made changes to their positions in the company. Albion Financial Group UT purchased a new position in Peapack-Gladstone Financial in the fourth quarter worth approximately $35,000. Point72 Asset Management L.P. grew its position in Peapack-Gladstone Financial by 157.5% in the third quarter. Point72 Asset Management L.P. now owns 2,400 shares of the financial services provider’s stock worth $66,000 after acquiring an additional 1,468 shares during the period. Janus Henderson Group PLC purchased a new position in Peapack-Gladstone Financial in the third quarter worth approximately $211,000. Creative Planning grew its position in Peapack-Gladstone Financial by 34.7% in the third quarter. Creative Planning now owns 23,397 shares of the financial services provider’s stock worth $641,000 after acquiring an additional 6,032 shares during the period. Finally, Jane Street Group LLC grew its position in Peapack-Gladstone Financial by 1.6% in the third quarter. Jane Street Group LLC now owns 23,998 shares of the financial services provider’s stock worth $658,000 after acquiring an additional 387 shares during the period. 72.75% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have commented on PGC. Keefe, Bruyette & Woods upped their price target on Peapack-Gladstone Financial from $38.00 to $44.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Piper Sandler upgraded Peapack-Gladstone Financial from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $30.00 to $35.00 in a research note on Wednesday, October 23rd.

Peapack-Gladstone Financial Stock Down 1.8 %

NASDAQ:PGC opened at $34.24 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. The stock’s fifty day moving average is $32.72 and its two-hundred day moving average is $31.18. Peapack-Gladstone Financial Co. has a 52 week low of $20.30 and a 52 week high of $37.88. The stock has a market capitalization of $601.94 million, a price-to-earnings ratio of 18.51 and a beta of 0.99.

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

Peapack-Gladstone Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 21st. Stockholders of record on Thursday, February 6th will be paid a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 0.58%. The ex-dividend date of this dividend is Thursday, February 6th. Peapack-Gladstone Financial’s payout ratio is currently 10.81%.

Insider Activity

In other news, EVP Gregory Martin Smith sold 17,633 shares of the stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $31.95, for a total value 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. This trade represents a 98.34 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 7.18% of the company’s stock.

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