Short Interest in Peapack-Gladstone Financial Co. (NASDAQ:PGC) Rises By 11.8%
Peapack-Gladstone Financial Co. (NASDAQ:PGC) was the recipient of a large increase in short interest in July. As of July 15th, there was short interest totalling 268,500 shares, an increase of 11.8% from the June 30th total of 240,100 shares. Approximately 1.5% of the shares of the company are short sold. Based on an average trading volume of 75,300 shares, the short-interest ratio is currently 3.6 days.
Hedge funds have recently added to or reduced their stakes in the stock. Fuller & Thaler Asset Management Inc. purchased a new stake in shares of Peapack-Gladstone Financial during the 1st quarter valued at $2,675,000. Seidman Lawrence B boosted its position in shares of Peapack-Gladstone Financial by 149.9% in the first quarter. Seidman Lawrence B now owns 124,931 shares of the financial services provider’s stock worth $2,243,000 after purchasing an additional 74,931 shares during the period. Ziegler Capital Management LLC bought a new position in shares of Peapack-Gladstone Financial in the first quarter worth approximately $854,000. Cornercap Investment Counsel Inc. bought a new position in shares of Peapack-Gladstone Financial in the first quarter worth approximately $822,000. Finally, Nuveen Asset Management LLC boosted its position in shares of Peapack-Gladstone Financial by 29.6% in the first quarter. Nuveen Asset Management LLC now owns 172,383 shares of the financial services provider’s stock worth $3,094,000 after purchasing an additional 39,358 shares during the period. Institutional investors and hedge funds own 66.99% of the company’s stock.
Several equities research analysts have recently weighed in on PGC shares. ValuEngine upgraded Peapack-Gladstone Financial from a “sell” rating to a “hold” rating in a research note on Thursday, July 2nd. BidaskClub lowered Peapack-Gladstone Financial from a “hold” rating to a “sell” rating in a research report on Monday, June 15th. Finally, Piper Sandler upgraded Peapack-Gladstone Financial from a “neutral” rating to an “overweight” rating in a research report on Tuesday, May 12th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $33.25.
Peapack-Gladstone Financial (NASDAQ:PGC) last released its quarterly earnings results on Wednesday, July 29th. The financial services provider reported $0.43 earnings per share for the quarter, beating analysts’ consensus estimates of $0.33 by $0.10. Peapack-Gladstone Financial had a net margin of 14.46% and a return on equity of 6.84%. The company had revenue of $44.60 million during the quarter, compared to the consensus estimate of $46.22 million. Sell-side analysts forecast that Peapack-Gladstone Financial will post 1.39 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 25th. Investors of record on Tuesday, August 11th will be issued a $0.05 dividend. The ex-dividend date of this dividend is Monday, August 10th. This represents a $0.20 annualized dividend and a yield of 1.23%. Peapack-Gladstone Financial’s payout ratio is 8.20%.
Peapack-Gladstone Financial Company 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 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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