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 the stock in a transaction that occurred on Monday, June 29th. The stock was sold at an average price of $47.11, for a total value of $235,550.00. Following the transaction, the executive vice president directly owned 45,582 shares of the company’s stock, valued at approximately $2,147,368.02. This trade represents a 9.88% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

Peapack-Gladstone Financial Price Performance

PGC opened at $48.33 on Thursday. Peapack-Gladstone Financial Corporation has a 12 month low of $24.42 and a 12 month high of $48.63. The stock has a market capitalization of $856.41 million, a P/E ratio of 19.49 and a beta of 0.71. The business has a 50 day simple moving average of $43.56 and a 200-day simple moving average of $36.55.

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in PGC. Wellington Management Group LLP grew its stake in Peapack-Gladstone Financial by 67.0% in the 3rd quarter. Wellington Management Group LLP now owns 1,138,723 shares of the financial services provider’s stock valued at $31,429,000 after acquiring an additional 456,828 shares during the last quarter. Russell Investments Group Ltd. raised its position in Peapack-Gladstone Financial by 255.0% during the fourth quarter. Russell Investments Group Ltd. now owns 108,782 shares of the financial services provider’s stock worth $3,030,000 after acquiring an additional 78,135 shares during the last quarter. Millennium Management LLC lifted its holdings in shares of Peapack-Gladstone Financial by 100.8% in the fourth quarter. Millennium Management LLC now owns 143,306 shares of the financial services provider’s stock valued at $3,991,000 after purchasing an additional 71,932 shares in the last quarter. Adage Capital Partners GP L.L.C. purchased a new stake in shares of Peapack-Gladstone Financial in the fourth quarter valued at about $1,965,000. Finally, Walleye Capital LLC grew its position in shares of Peapack-Gladstone Financial by 525.8% in the fourth quarter. Walleye Capital LLC now owns 71,628 shares of the financial services provider’s stock valued at $1,995,000 after purchasing an additional 60,183 shares during the last quarter. Institutional investors and hedge funds own 72.75% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on PGC shares. Zacks Research upgraded shares of Peapack-Gladstone Financial from a “hold” rating to a “strong-buy” rating in a report on Friday, June 26th. 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. Piper Sandler upped their target price on shares of Peapack-Gladstone Financial from $50.00 to $54.00 and gave the stock an “overweight” rating in a research report on Friday, June 26th. Finally, Raymond James Financial increased their target price on shares of Peapack-Gladstone Financial from $49.00 to $55.00 and gave the company a “strong-buy” rating in a report on Wednesday. Two analysts have rated the stock with a Strong Buy rating and three have assigned a Buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $49.67.

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.