Short Interest in Peapack-Gladstone Financial Co. (NASDAQ:PGC) Expands By 29.7%

Peapack-Gladstone Financial Co. (NASDAQ:PGCGet Free Report) was the target of a significant growth in short interest in the month of February. As of February 15th, there was short interest totalling 524,000 shares, a growth of 29.7% from the January 31st total of 403,900 shares. Based on an average trading volume of 79,100 shares, the days-to-cover ratio is presently 6.6 days. Approximately 3.3% of the company’s shares are sold short.

Analysts Set New Price Targets

Separately, TheStreet downgraded shares of Peapack-Gladstone Financial from a “b-” rating to a “c+” rating in a research report on Friday, February 23rd.

Read Our Latest Analysis on PGC

Insider Activity

In related news, EVP Gregory Martin Smith sold 4,500 shares of the business’s stock in a transaction that occurred on Tuesday, January 30th. The shares were sold at an average price of $30.02, for a total transaction of $135,090.00. Following the transaction, the executive vice president now directly owns 15,703 shares of the company’s stock, valued at $471,404.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 7.63% of the stock is owned by company insiders.

Hedge Funds Weigh In On Peapack-Gladstone Financial

Large investors have recently bought and sold shares of the stock. Quantbot Technologies LP acquired a new position in Peapack-Gladstone Financial during the 3rd quarter valued at $25,000. Lazard Asset Management LLC acquired a new position in shares of Peapack-Gladstone Financial in the 1st quarter valued at $35,000. Allspring Global Investments Holdings LLC raised its stake in shares of Peapack-Gladstone Financial by 39.9% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 2,787 shares of the financial services provider’s stock valued at $75,000 after buying an additional 795 shares in the last quarter. Citigroup Inc. raised its stake in shares of Peapack-Gladstone Financial by 66.2% in the 1st quarter. Citigroup Inc. now owns 2,577 shares of the financial services provider’s stock valued at $76,000 after buying an additional 1,026 shares in the last quarter. Finally, Quest Partners LLC acquired a new position in shares of Peapack-Gladstone Financial in the 4th quarter valued at $77,000. 73.02% of the stock is currently owned by institutional investors and hedge funds.

Peapack-Gladstone Financial Stock Performance

Shares of NASDAQ PGC traded down $0.35 during trading hours on Monday, hitting $23.45. 61,832 shares of the stock were exchanged, compared to its average volume of 83,191. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.98 and a quick ratio of 0.98. The company’s 50 day moving average is $26.68 and its 200 day moving average is $26.31. The firm has a market capitalization of $417.88 million, a P/E ratio of 8.65 and a beta of 0.99. Peapack-Gladstone Financial has a one year low of $21.58 and a one year high of $38.26.

Peapack-Gladstone Financial (NASDAQ:PGCGet Free Report) last posted its quarterly earnings data on Thursday, January 25th. The financial services provider reported $0.50 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.56 by ($0.06). The firm had revenue of $54.27 million for the quarter, compared to the consensus estimate of $54.91 million. Peapack-Gladstone Financial had a return on equity of 9.13% and a net margin of 12.94%. On average, research analysts expect that Peapack-Gladstone Financial will post 2.25 EPS for the current year.

Peapack-Gladstone Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 23rd. Investors of record on Thursday, February 8th were issued a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 0.85%. The ex-dividend date was Wednesday, February 7th. Peapack-Gladstone Financial’s dividend payout ratio is currently 7.38%.

About Peapack-Gladstone Financial

(Get Free Report)

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.

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