John Babcock Sells 5,000 Shares of Peapack-Gladstone Financial (NASDAQ:PGC) Stock

Peapack-Gladstone Financial Corporation (NASDAQ:PGC) EVP John Babcock sold 5,000 shares of Peapack-Gladstone Financial stock in a transaction on Monday, June 29th. The stock was sold at an average price of $47.11, for a total transaction of $235,550.00. Following the transaction, the executive vice president directly owned 45,582 shares of the company’s stock, valued at $2,147,368.02. This represents a 9.88% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Peapack-Gladstone Financial Stock Down 1.0%

PGC traded down $0.47 during trading on Tuesday, reaching $47.16. 13,343 shares of the stock traded hands, compared to its average volume of 133,288. The stock’s 50-day moving average is $43.23 and its 200 day moving average is $36.29. Peapack-Gladstone Financial Corporation has a 12 month low of $24.42 and a 12 month high of $48.31. The stock has a market capitalization of $835.76 million, a PE ratio of 19.00 and a beta of 0.72.

Peapack-Gladstone Financial (NASDAQ:PGC) last announced its earnings results on Wednesday, April 22nd. The financial services provider reported $0.80 EPS for the quarter, beating the consensus estimate of $0.66 by $0.14. Peapack-Gladstone Financial had a return on equity of 6.75% and a net margin of 9.60%.The company had revenue of $82.49 million for the quarter, compared to analyst estimates of $79.17 million. As a group, equities research analysts anticipate that Peapack-Gladstone Financial Corporation will post 3.76 EPS for the current year.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Weiss Ratings raised shares of Peapack-Gladstone Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, May 12th. Zacks Research upgraded shares of Peapack-Gladstone Financial from a “hold” rating to a “strong-buy” rating in a research report on Friday. Finally, Piper Sandler raised their price target on shares of Peapack-Gladstone Financial from $50.00 to $54.00 and gave the stock an “overweight” rating in a report on Friday. One analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $47.00.

Hedge Funds Weigh In On Peapack-Gladstone Financial

Hedge funds have recently added to or reduced their stakes in the stock. Royal Bank of Canada lifted its holdings in shares of Peapack-Gladstone Financial by 73.2% in the first quarter. Royal Bank of Canada now owns 1,252 shares of the financial services provider’s stock valued at $44,000 after purchasing an additional 529 shares in the last quarter. Parallel Advisors LLC raised its position in Peapack-Gladstone Financial by 171.9% in the 1st quarter. Parallel Advisors LLC now owns 1,841 shares of the financial services provider’s stock valued at $65,000 after buying an additional 1,164 shares during the last quarter. State of Alaska Department of Revenue lifted its stake in Peapack-Gladstone Financial by 431.5% during the 4th quarter. State of Alaska Department of Revenue now owns 3,768 shares of the financial services provider’s stock valued at $104,000 after acquiring an additional 3,059 shares in the last quarter. OP Asset Management Ltd purchased a new position in Peapack-Gladstone Financial during the 1st quarter worth $116,000. Finally, Aquatic Capital Management LLC grew its stake in shares of Peapack-Gladstone Financial by 23.1% in the 3rd quarter. Aquatic Capital Management LLC now owns 5,240 shares of the financial services provider’s stock worth $145,000 after acquiring an additional 985 shares in the last quarter. Institutional investors and hedge funds own 72.75% of the company’s stock.

Peapack-Gladstone Financial Company Profile

Peapack-Gladstone Financial Corporation is the parent company of Peapack-Gladstone Bank, a New Jersey-chartered commercial bank headquartered in Bedminster, New Jersey, that trades on the NASDAQ under the symbol PGC. Through Peapack-Gladstone Bank, the company offers a broad range of deposit and lending solutions, including checking and savings accounts, residential and commercial real estate loans, lines of credit and treasury management services. Clients benefit from both in-branch relationship banking and an expanding suite of digital banking tools designed to support personal and business financial needs.

Complementing its core banking operations, Peapack-Gladstone Financial provides wealth management, trust and financial planning services through its subsidiary, Peapack-Gladstone Wealth Management.