Peapack-Gladstone Financial Corporation $PGC Holdings Boosted by Salzhauer Michael

Salzhauer Michael raised its stake in Peapack-Gladstone Financial Corporation (NASDAQ:PGC) by 79.2% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 254,630 shares of the financial services provider’s stock after buying an additional 112,504 shares during the period. Peapack-Gladstone Financial accounts for approximately 3.3% of Salzhauer Michael’s investment portfolio, making the stock its 8th largest position. Salzhauer Michael’s holdings in Peapack-Gladstone Financial were worth $7,028,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also modified their holdings of PGC. Nuveen LLC purchased a new stake in shares of Peapack-Gladstone Financial in the first quarter valued at about $983,000. Jump Financial LLC increased its position in shares of Peapack-Gladstone Financial by 7.8% during the first quarter. Jump Financial LLC now owns 12,003 shares of the financial services provider’s stock valued at $341,000 after acquiring an additional 864 shares during the last quarter. Trexquant Investment LP increased its position in shares of Peapack-Gladstone Financial by 50.9% during the first quarter. Trexquant Investment LP now owns 54,826 shares of the financial services provider’s stock valued at $1,557,000 after acquiring an additional 18,495 shares during the last quarter. Royal Bank of Canada raised its stake in shares of Peapack-Gladstone Financial by 40.4% in the 1st quarter. Royal Bank of Canada now owns 10,675 shares of the financial services provider’s stock valued at $302,000 after acquiring an additional 3,070 shares during the period. Finally, Bridgeway Capital Management LLC lifted its holdings in shares of Peapack-Gladstone Financial by 4.6% in the 1st quarter. Bridgeway Capital Management LLC now owns 99,344 shares of the financial services provider’s stock worth $2,821,000 after acquiring an additional 4,329 shares during the last quarter. Hedge funds and other institutional investors own 72.75% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on PGC shares. Wall Street Zen upgraded shares of Peapack-Gladstone Financial from a “sell” rating to a “hold” rating in a report on Friday, September 5th. Zacks Research upgraded Peapack-Gladstone Financial from a “strong sell” rating to a “hold” rating in a research report on Friday, October 17th. Piper Sandler lifted their price objective on Peapack-Gladstone Financial from $30.00 to $32.00 and gave the company an “overweight” rating in a research note on Wednesday, December 10th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Peapack-Gladstone Financial in a report on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $35.33.

Peapack-Gladstone Financial Stock Performance

Shares of PGC stock opened at $28.37 on Tuesday. The firm has a 50 day moving average of $27.18 and a two-hundred day moving average of $27.64. The stock has a market capitalization of $498.18 million, a PE ratio of 14.62 and a beta of 0.73. The company has a quick ratio of 0.96, a current ratio of 0.97 and a debt-to-equity ratio of 0.16. Peapack-Gladstone Financial Corporation has a 52 week low of $23.96 and a 52 week high of $35.41.

Peapack-Gladstone Financial (NASDAQ:PGC) last announced its quarterly earnings data on Wednesday, October 22nd. The financial services provider reported $0.54 earnings per share (EPS) for the quarter. Peapack-Gladstone Financial had a return on equity of 5.51% and a net margin of 7.91%.The business had revenue of $70.93 million for the quarter. On average, research analysts predict that Peapack-Gladstone Financial Corporation will post 2.71 EPS for the current fiscal year.

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.