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Peapack-Gladstone Financial (PGC)

Peapack-Gladstone Financial Corporation is a New Jersey bank holding company with total assets of $5.9 billion and assets under management and/or administration of $8.8 billion as of December 31, 2020. Founded in 1921, Peapack-Gladstone Bank is a commercial bank that provides innovative wealth management, investment banking, commercial and retail solutions, including residential lending and online platforms, to businesses and consumers. Peapack Private, the Bank's wealth management division, offers comprehensive financial, tax, fiduciary and investment advice and solutions, to individuals, families, privately held businesses, family offices and not-for-profit organizations, which help them to establish, maintain and expand their legacy. Together, Peapack-Gladstone Bank and Peapack Private offer an unparalleled commitment to client service.

PGC stock data

Investment data

Data from SEC filings
Securities sold
Number of investors
Top 50 of 650 long holdings
End of quarter 30 Jun 22
Value
 
#Shares
 
$187.36M 1.37M
$148.06M 177.72K
$111.45M 433.93K
$82.01M 37.63K
$80.57M 287.46K
$76.5M 220.53K
$71.94M 405.28K
$64.85M 575.86K
$63.41M 695.49K
$58.48M 682.81K
$58.1M 329.89K
$56.44M 338.63K
$54.51M 255.58K
$49.49M 22.63K
$48.09M 332.18K
$47.14M 98.35K
$45.91M 596.21K
$44.95M 119.16K
$44.63M 162.72K
$44.61M 1.21M
$42.76M 217.08K
$41.88M 153.39K
$39.34M 187.29K
$39.17M 231.27K
Vanguard Intl Equity Index F (FTSE EUROPE ETF)
$38.79M 734.34K
$38.45M 63.14K
$38.02M 490.81K
$37.48M 260.65K
$36.01M 66.28K
Vanguard Intl Equity Index F (FTSE EMR MKT ETF)
$35.08M 842.27K
$34.58M 136.38K
$33.23M 216.93K
$33.02M 209.3K
$30.99M 128.87K
$30.99M 610.6K
$30.62M 155.5K
$29.76M 121.23K
$29.43M 230.37K
$28.07M 945.17K
$27.79M 54.09K
$27.5M 116.77K
$27.4M 490.54K
SPDR S&P Midcap 400 Etf TR UTSER1
$27.34M 66.12K
$26.99M 412.67K
$26.94M 176.12K
$26.91M 630.96K
$26.86M 121.41K
$26.73M 251.69K
$26.58M 286.82K
$26.21M 499.95K
Holdings list only includes long positions. Only includes long positions.

Calendar

9 Aug 22
20 Aug 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 153.43M 153.43M 153.43M 153.43M 153.43M 153.43M
Cash burn (monthly) (no burn) 4.17M (no burn) (no burn) (no burn) (no burn)
Cash used (since last report) n/a 7.03M n/a n/a n/a n/a
Cash remaining n/a 146.4M n/a n/a n/a n/a
Runway (months of cash) n/a 35.1 n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
22 Jun 22 Babcock John P Common Stock Payment of exercise Dispose F No No 30.91 161 4.98K 61,644
22 Jun 22 Jeffrey J Carfora Common Stock Payment of exercise Dispose F No No 30.91 111 3.43K 110,694
22 Jun 22 Lisa Chalkan Common Stock Payment of exercise Dispose F No No 30.91 61 1.89K 15,316
22 Jun 22 Maureen Hemhauser Common Stock Payment of exercise Dispose F No No 30.91 69 2.13K 3,026
22 Jun 22 Plante Robert A. Common Stock Payment of exercise Dispose F No No 30.91 108 3.34K 2,431.846
73.5% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 123 122 +0.8%
Opened positions 14 18 -22.2%
Closed positions 13 5 +160.0%
Increased positions 31 34 -8.8%
Reduced positions 52 50 +4.0%
13F shares Current Prev Q Change
Total value 397.8M 466.11M -14.7%
Total shares 13.38M 13.41M -0.2%
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners Shares Value Change
BLK Blackrock 1.56M $46.47M +5.7%
Dimensional Fund Advisors 1.28M $37.93M +4.3%
PGC Peapack-Gladstone Financial 945.17K $28.07M -3.1%
Vanguard 819.76K $24.35M -6.8%
Banc Funds 775.89K $23.04M -2.8%
FJ Capital Management 652K $19.37M +9.1%
Brown Advisory 574.01K $17.12M -3.1%
STT State Street 455.58K $13.53M -0.2%
Wellington Management 440.1K $13.07M -25.4%
Philadelphia Trust 368.16K $10.93M -0.7%
Largest transactions Shares Bought/sold Change
Wellington Management 440.1K -149.85K -25.4%
Price Jennifer C. 145.65K +145.65K NEW
Price Michael F 0 -145.65K EXIT
BLK Blackrock 1.56M +84.74K +5.7%
JPM JPMorgan Chase & Co. 207.17K +69.52K +50.5%
Vanguard 819.76K -60.04K -6.8%
FJ Capital Management 652K +54.48K +9.1%
North Reef Capital Management 145.74K +53.46K +57.9%
Dimensional Fund Advisors 1.28M +52.16K +4.3%
Orchard Capital Managment 157.61K -43.96K -21.8%

Financial report summary

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Management Discussion
  • The Company recorded net income of $56.62 million and diluted earnings per share of $2.93 for the year ended December 31, 2021, compared to net income of $26.19 million and diluted earnings per share of $1.37 for the year ended December 31, 2020. These results produced a return on average assets of 0.94 percent and 0.45 percent for 2021 and 2020, respectively, and a return on average shareholders’ equity of 10.56 percent and 5.11 percent for 2021 and 2020, respectively.
  • The increase in net income for 2021 was principally driven by the Company’s wealth management and commercial banking businesses. 2021 included increased wealth management income, corporate advisory fees and SBA income, as well as increased net interest income resulting from asset growth, coupled with margin improvement.  The earnings for 2021 also benefitted from a significantly lower provision for loan losses. These improvements to net income were partially offset by a tax benefit of $3.2 million recorded in the first quarter of 2020 caused by the changes in the treatment of tax net operating losses (“NOL”) under the provisions of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”).  Increased net interest income was due to the Company strategically lowering its cost of interest-bearing liabilities by increasing transaction accounts and decreasing the certificates of deposits and borrowed funds combined with an increase in average interest-earning assets in 2021.  Operating expenses increased by $1.2 million due to twelve months of expense related to the December 2020 hires of Noyes and Lucas, six months of expense related the July 2021 acquisition of PPSG, a swap valuation allowance of $2.20 million, the redemption of subordinated debt expense of $648,000, and severance expense related to corporate restructurings of $1.5 million. 2020 operating expenses included a $4.78 million prepayment of FHLB advances, $4.43 million valuation allowance for a loan held for sale, $210,000 for the consolidation of two private banking offices and $278,000 for the closure of a retail branch.  
  • The major source of the Company’s operating income is net interest income, which is the difference between interest and dividends earned on interest-earning assets and fees earned on loans, and interest paid on interest-bearing liabilities.  Interest-earning assets include loans, investment securities, interest-earning deposits and federal funds sold.  Interest-bearing liabilities include interest-bearing checking, savings and time deposits, Federal Home Loan Bank advances, subordinated debt and other borrowings.  Net interest income is determined by the difference between the average yields earned on interest-earning assets and the average cost of interest-bearing liabilities (“net interest spread”) and the relative amounts of interest-earning assets and interest-bearing liabilities.  Net interest margin is calculated as net interest income as a percent of total interest-earning assets.  The Company’s net interest income, spread and margin are affected by regulatory, economic and competitive factors that influence interest rates, loan demand and deposit flows and general levels of nonperforming assets.

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