Peapack-Gladstone Financial (NASDAQ:PGC) EVP Sells 1,100 Shares

Peapack-Gladstone Financial Corporation (NASDAQ:PGC) EVP Lisa Chalkan sold 1,100 shares of Peapack-Gladstone Financial stock in a transaction on Monday, June 29th. The stock was sold at an average price of $47.60, for a total transaction of $52,360.00. Following the completion of the transaction, the executive vice president directly owned 26,075 shares in the company, valued at approximately $1,241,170. The trade was a 4.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Peapack-Gladstone Financial Price Performance

PGC traded down $0.47 during trading on Tuesday, hitting $47.16. 13,343 shares of the stock traded hands, compared to its average volume of 133,288. The firm has a market capitalization of $835.76 million, a P/E ratio of 19.02 and a beta of 0.72. Peapack-Gladstone Financial Corporation has a 12-month low of $24.42 and a 12-month high of $48.31. The firm has a 50-day moving average of $43.23 and a 200 day moving average of $36.29.

Peapack-Gladstone Financial (NASDAQ:PGC) last released its quarterly earnings data on Wednesday, April 22nd. The financial services provider reported $0.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.66 by $0.14. The firm had revenue of $82.49 million for the quarter, compared to analysts’ expectations of $79.17 million. Peapack-Gladstone Financial had a net margin of 9.60% and a return on equity of 6.75%. As a group, equities analysts predict that Peapack-Gladstone Financial Corporation will post 3.76 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on PGC shares. Weiss Ratings upgraded 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 raised shares of Peapack-Gladstone Financial from a “hold” rating to a “strong-buy” rating in a research report on Friday. Finally, Piper Sandler increased their price target on shares of Peapack-Gladstone Financial from $50.00 to $54.00 and gave the stock an “overweight” rating in a research note on Friday. One research analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the company’s stock. According to MarketBeat.com, Peapack-Gladstone Financial presently has an average rating of “Buy” and a consensus target price of $47.00.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Royal Bank of Canada boosted its holdings in 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 worth $44,000 after acquiring an additional 529 shares in the last quarter. Parallel Advisors LLC increased its holdings in shares of Peapack-Gladstone Financial by 171.9% during the first quarter. Parallel Advisors LLC now owns 1,841 shares of the financial services provider’s stock valued at $65,000 after acquiring an additional 1,164 shares in the last quarter. OP Asset Management Ltd purchased a new position in shares of Peapack-Gladstone Financial in the 1st quarter worth about $116,000. State of Alaska Department of Revenue raised its position in shares of Peapack-Gladstone Financial by 431.5% in the 4th quarter. State of Alaska Department of Revenue now owns 3,768 shares of the financial services provider’s stock worth $104,000 after purchasing an additional 3,059 shares during the last quarter. Finally, Aquatic Capital Management LLC boosted its stake in 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 purchasing an additional 985 shares in the last quarter. Hedge funds and other institutional investors 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.