Peapack-Gladstone Financial Co. (NASDAQ:PGC) Stock Position Lessened by Citigroup Inc.

Citigroup Inc. lowered its position in shares of Peapack-Gladstone Financial Co. (NASDAQ:PGC) by 16.1% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 6,986 shares of the financial services provider’s stock after selling 1,339 shares during the quarter. Citigroup Inc.’s holdings in Peapack-Gladstone Financial were worth $216,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. State Street Corp boosted its stake in Peapack-Gladstone Financial by 3.9% during the fourth quarter. State Street Corp now owns 420,792 shares of the financial services provider’s stock valued at $13,002,000 after buying an additional 15,799 shares in the last quarter. Philadelphia Trust Co. boosted its stake in Peapack-Gladstone Financial by 2.3% during the fourth quarter. Philadelphia Trust Co. now owns 404,437 shares of the financial services provider’s stock valued at $12,497,000 after buying an additional 9,234 shares in the last quarter. Bank of Montreal Can boosted its stake in Peapack-Gladstone Financial by 147.3% during the fourth quarter. Bank of Montreal Can now owns 146,582 shares of the financial services provider’s stock valued at $4,530,000 after buying an additional 87,300 shares in the last quarter. Mackay Shields LLC boosted its stake in Peapack-Gladstone Financial by 2.9% during the fourth quarter. Mackay Shields LLC now owns 87,884 shares of the financial services provider’s stock valued at $2,715,000 after buying an additional 2,500 shares in the last quarter. Finally, Acadian Asset Management LLC boosted its stake in Peapack-Gladstone Financial by 14.8% during the fourth quarter. Acadian Asset Management LLC now owns 73,877 shares of the financial services provider’s stock valued at $2,283,000 after buying an additional 9,518 shares in the last quarter. 71.75% of the stock is owned by institutional investors and hedge funds.

A number of equities analysts recently weighed in on the company. Zacks Investment Research lowered Peapack-Gladstone Financial from a “buy” rating to a “hold” rating in a research report on Tuesday. DA Davidson upgraded Peapack-Gladstone Financial from a “neutral” rating to a “buy” rating and set a $33.50 price target for the company in a research report on Thursday, January 30th. BidaskClub lowered Peapack-Gladstone Financial from a “sell” rating to a “strong sell” rating in a research report on Friday, March 13th. ValuEngine upgraded Peapack-Gladstone Financial from a “sell” rating to a “hold” rating in a research report on Saturday, March 14th. Finally, Janney Montgomery Scott upgraded Peapack-Gladstone Financial from a “neutral” rating to a “buy” rating in a research report on Tuesday, February 11th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $33.25.

NASDAQ:PGC opened at $14.80 on Thursday. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.40. Peapack-Gladstone Financial Co. has a 1-year low of $11.15 and a 1-year high of $31.72. The firm has a market capitalization of $270.12 million, a price-to-earnings ratio of 6.07, a price-to-earnings-growth ratio of 0.95 and a beta of 0.94. The stock has a fifty day simple moving average of $25.80 and a 200 day simple moving average of $28.54.

Peapack-Gladstone Financial (NASDAQ:PGC) last released its quarterly earnings results on Wednesday, January 29th. The financial services provider reported $0.64 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.63 by $0.01. Peapack-Gladstone Financial had a return on equity of 9.61% and a net margin of 20.15%. The business had revenue of $46.44 million during the quarter, compared to analyst estimates of $46.36 million. Equities analysts predict that Peapack-Gladstone Financial Co. will post 2.46 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, February 26th. Investors of record on Tuesday, February 11th were paid a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 1.35%. The ex-dividend date of this dividend was Monday, February 10th. Peapack-Gladstone Financial’s dividend payout ratio is currently 8.20%.

In other Peapack-Gladstone Financial news, Director F Duffield Meyercord acquired 10,000 shares of Peapack-Gladstone Financial stock in a transaction that occurred on Tuesday, March 17th. The stock was purchased at an average cost of $14.39 per share, with a total value of $143,900.00. Following the purchase, the director now owns 1,400 shares in the company, valued at $20,146. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Douglas L. Kennedy acquired 2,000 shares of Peapack-Gladstone Financial stock in a transaction that occurred on Monday, March 16th. The stock was acquired at an average cost of $15.87 per share, with a total value of $31,740.00. Over the last three months, insiders purchased 13,990 shares of company stock valued at $214,113. Company insiders own 4.49% of the company’s stock.

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

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Institutional Ownership by Quarter for Peapack-Gladstone Financial (NASDAQ:PGC)

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