Hotchkis & Wiley Capital Management LLC Sells 28,180 Shares of Peapack-Gladstone Financial Co. (NASDAQ:PGC)

Hotchkis & Wiley Capital Management LLC lowered its position in Peapack-Gladstone Financial Co. (NASDAQ:PGC) by 10.1% in the 3rd quarter, Holdings Channel reports. The firm owned 249,840 shares of the financial services provider’s stock after selling 28,180 shares during the quarter. Hotchkis & Wiley Capital Management LLC’s holdings in Peapack-Gladstone Financial were worth $6,848,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in PGC. Vanguard Group Inc. lifted its stake in Peapack-Gladstone Financial by 1.1% in the first quarter. Vanguard Group Inc. now owns 903,093 shares of the financial services provider’s stock worth $21,972,000 after purchasing an additional 9,991 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings 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 valued at $278,000 after purchasing an additional 628 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Peapack-Gladstone Financial by 68.4% in 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 in the last quarter. Acadian Asset Management LLC bought a new stake in Peapack-Gladstone Financial during the 2nd quarter valued at $1,444,000. Finally, Quest Partners LLC lifted its holdings in shares of Peapack-Gladstone Financial by 150.0% in the 2nd quarter. Quest Partners LLC now owns 15,745 shares of the financial services provider’s stock worth $357,000 after buying an additional 9,446 shares during the period. Institutional investors own 72.75% of the company’s stock.

Insider Activity

In other news, EVP John P. Babcock sold 3,000 shares of the firm’s stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $32.29, for a total value of $96,870.00. Following the sale, the executive vice president now directly owns 49,155 shares in the company, valued at approximately $1,587,214.95. This trade represents a 5.75 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 7.63% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Peapack-Gladstone Financial Stock Down 0.6 %

Shares of Peapack-Gladstone Financial stock opened at $36.39 on Friday. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.97 and a quick ratio of 0.97. Peapack-Gladstone Financial Co. has a 1 year low of $20.30 and a 1 year high of $37.88. The firm’s 50-day moving average is $32.67 and its two-hundred day moving average is $27.50. The stock has a market cap of $639.74 million, a price-to-earnings ratio of 20.10 and a beta of 0.98.

Peapack-Gladstone Financial (NASDAQ:PGC) last issued its earnings results on Tuesday, October 22nd. The financial services provider reported $0.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.37 by $0.06. Peapack-Gladstone Financial had a net margin of 8.12% and a return on equity of 5.55%. The company had revenue of $102.14 million for the quarter, compared to analysts’ expectations of $58.24 million. As a group, research analysts expect that Peapack-Gladstone Financial Co. will post 1.82 earnings per share for the current fiscal year.

Peapack-Gladstone Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Thursday, November 7th were issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.55%. The ex-dividend date was Thursday, November 7th. Peapack-Gladstone Financial’s dividend payout ratio is currently 11.05%.

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.