Oppenheimer & Close LLC Invests $1.08 Million in Peapack-Gladstone Financial Corporation $PGC

Oppenheimer & Close LLC bought a new stake in Peapack-Gladstone Financial Corporation (NASDAQ:PGC) during the third quarter, Holdings Channel.com reports. The fund bought 39,250 shares of the financial services provider’s stock, valued at approximately $1,083,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of PGC. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Peapack-Gladstone Financial by 4.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,939 shares of the financial services provider’s stock worth $282,000 after buying an additional 390 shares during the last quarter. CWM LLC boosted its stake in shares of Peapack-Gladstone Financial by 338.9% in the 2nd quarter. CWM LLC now owns 913 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 705 shares in the last quarter. First Trust Advisors LP lifted its stake in Peapack-Gladstone Financial by 7.2% in the second quarter. First Trust Advisors LP now owns 11,361 shares of the financial services provider’s stock worth $321,000 after purchasing an additional 763 shares during the last quarter. AlphaQuest LLC boosted its position in Peapack-Gladstone Financial by 8.8% during the third quarter. AlphaQuest LLC now owns 12,597 shares of the financial services provider’s stock valued at $348,000 after buying an additional 1,017 shares during the period. Finally, BNP Paribas Financial Markets grew its stake in shares of Peapack-Gladstone Financial by 2.8% during the second quarter. BNP Paribas Financial Markets now owns 45,529 shares of the financial services provider’s stock valued at $1,286,000 after buying an additional 1,221 shares during the last quarter. Hedge funds and other institutional investors own 72.75% of the company’s stock.

Peapack-Gladstone Financial Stock Up 1.4%

Shares of Peapack-Gladstone Financial stock opened at $34.58 on Friday. The company has a current ratio of 0.97, a quick ratio of 0.96 and a debt-to-equity ratio of 0.16. Peapack-Gladstone Financial Corporation has a 12-month low of $23.96 and a 12-month high of $35.68. The company has a market cap of $607.22 million, a P/E ratio of 16.39 and a beta of 0.73. The company’s fifty day simple moving average is $30.63 and its two-hundred day simple moving average is $28.51.

Peapack-Gladstone Financial (NASDAQ:PGC) last announced its quarterly earnings results on Thursday, January 29th. The financial services provider reported $0.69 earnings per share (EPS) for the quarter. Peapack-Gladstone Financial had a net margin of 8.40% and a return on equity of 5.91%. The company had revenue of $77.67 million for the quarter. Research analysts anticipate that Peapack-Gladstone Financial Corporation will post 2.71 EPS for the current year.

Peapack-Gladstone Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, February 26th. Shareholders of record on Thursday, February 12th will be given a dividend of $0.05 per share. The ex-dividend date of this dividend is Thursday, February 12th. This represents a $0.20 annualized dividend and a yield of 0.6%. Peapack-Gladstone Financial’s dividend payout ratio (DPR) is currently 9.48%.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on PGC shares. Weiss Ratings restated a “hold (c)” rating on shares of Peapack-Gladstone Financial in a report on Thursday, January 22nd. Piper Sandler boosted their price objective on Peapack-Gladstone Financial from $30.00 to $32.00 and gave the company an “overweight” rating in a research report on Wednesday, December 10th. Finally, Keefe, Bruyette & Woods increased their price objective on Peapack-Gladstone Financial from $35.00 to $40.00 and gave the company an “outperform” rating in a research note on Monday, February 2nd. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Peapack-Gladstone Financial currently has a consensus rating of “Moderate Buy” and a consensus price target of $37.00.

Insider Activity at Peapack-Gladstone Financial

In other news, EVP Maureen Hemhauser sold 5,272 shares of the company’s stock in a transaction dated Monday, February 9th. The shares were sold at an average price of $35.59, for a total value of $187,630.48. The transaction was disclosed in a filing with the SEC, which is available through this link. Company insiders own 7.63% of the company’s stock.

About Peapack-Gladstone Financial

Peapack-Gladstone Financial Corporation is the parent company of Peapack-Gladstone Bank, a New Jersey-chartered commercial bank headquartered in Bedminster, New Jersey, that trades on the NASDAQ under the symbol PGC. Through Peapack-Gladstone Bank, the company offers a broad range of deposit and lending solutions, including checking and savings accounts, residential and commercial real estate loans, lines of credit and treasury management services. Clients benefit from both in-branch relationship banking and an expanding suite of digital banking tools designed to support personal and business financial needs.

Complementing its core banking operations, Peapack-Gladstone Financial provides wealth management, trust and financial planning services through its subsidiary, Peapack-Gladstone Wealth Management.