Morgan Dempsey Capital Management LLC Reduces Position in Peapack-Gladstone Financial Co. (NASDAQ:PGC)

Morgan Dempsey Capital Management LLC cut its holdings in shares of Peapack-Gladstone Financial Co. (NASDAQ:PGC) by 5.1% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 20,447 shares of the financial services provider’s stock after selling 1,103 shares during the quarter. Morgan Dempsey Capital Management LLC owned approximately 0.11% of Peapack-Gladstone Financial worth $536,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of the business. Virginia Retirement Systems ET AL increased its holdings in shares of Peapack-Gladstone Financial by 3.4% in the first quarter. Virginia Retirement Systems ET AL now owns 12,000 shares of the financial services provider’s stock worth $315,000 after purchasing an additional 400 shares during the last quarter. Rhumbline Advisers increased its holdings in shares of Peapack-Gladstone Financial by 1.6% in the first quarter. Rhumbline Advisers now owns 26,318 shares of the financial services provider’s stock worth $690,000 after purchasing an additional 417 shares during the last quarter. US Bancorp DE increased its holdings in shares of Peapack-Gladstone Financial by 4.2% in the first quarter. US Bancorp DE now owns 11,149 shares of the financial services provider’s stock worth $292,000 after purchasing an additional 445 shares during the last quarter. Strs Ohio increased its holdings in shares of Peapack-Gladstone Financial by 3.3% in the first quarter. Strs Ohio now owns 24,700 shares of the financial services provider’s stock worth $647,000 after purchasing an additional 800 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Peapack-Gladstone Financial by 422.0% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,331 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 1,076 shares during the last quarter. 71.60% of the stock is currently owned by institutional investors and hedge funds.

Several equities research analysts have recently issued reports on the company. BidaskClub raised Peapack-Gladstone Financial from a “sell” rating to a “hold” rating in a report on Saturday, April 13th. Zacks Investment Research raised Peapack-Gladstone Financial from a “sell” rating to a “hold” rating in a research note on Tuesday, April 2nd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $36.50.

In other Peapack-Gladstone Financial news, EVP John P. Babcock sold 2,000 shares of the company’s stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $28.57, for a total value of $57,140.00. Following the sale, the executive vice president now directly owns 51,320 shares of the company’s stock, valued at $1,466,212.40. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Vincent A. Spero sold 3,000 shares of the stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $28.22, for a total transaction of $84,660.00. Following the sale, the executive vice president now directly owns 47,620 shares in the company, valued at $1,343,836.40. The disclosure for this sale can be found here. 4.13% of the stock is owned by corporate insiders.

Peapack-Gladstone Financial stock traded down $0.18 during mid-day trading on Friday, reaching $28.17. 40,623 shares of the company were exchanged, compared to its average volume of 53,434. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.41. The firm has a market cap of $551.30 million, a P/E ratio of 12.19, a P/E/G ratio of 2.33 and a beta of 1.07. Peapack-Gladstone Financial Co. has a 12-month low of $23.96 and a 12-month high of $36.42.

Peapack-Gladstone Financial (NASDAQ:PGC) last issued its quarterly earnings results on Friday, April 26th. The financial services provider reported $0.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.55 by $0.03. The business had revenue of $41.74 million for the quarter, compared to the consensus estimate of $41.58 million. Peapack-Gladstone Financial had a return on equity of 9.73% and a net margin of 21.04%. Equities analysts expect that Peapack-Gladstone Financial Co. will post 2.35 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Thursday, May 23rd. Investors of record on Thursday, May 9th were given a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 0.71%. The ex-dividend date was Wednesday, May 8th. Peapack-Gladstone Financial’s payout ratio is 8.66%.

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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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