Lisa Chalkan Sells 1,100 Shares of Peapack-Gladstone Financial (NASDAQ:PGC) Stock

Peapack-Gladstone Financial Corporation (NASDAQ:PGC) EVP Lisa Chalkan sold 1,100 shares of the 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 sale, the executive vice president owned 26,075 shares of the company’s stock, valued at approximately $1,241,170. This trade represents a 4.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Peapack-Gladstone Financial Trading Up 2.1%

Shares of Peapack-Gladstone Financial stock opened at $48.33 on Thursday. The business has a 50-day moving average price of $43.56 and a two-hundred day moving average price of $36.55. Peapack-Gladstone Financial Corporation has a 1-year low of $24.42 and a 1-year high of $48.63. The company has a market cap of $856.41 million, a P/E ratio of 19.49 and a beta of 0.71.

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 (EPS) for the quarter, beating analysts’ consensus estimates 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 the consensus estimate of $79.17 million. Equities research analysts forecast that Peapack-Gladstone Financial Corporation will post 3.76 EPS for the current fiscal year.

Institutional Trading of Peapack-Gladstone Financial

Hedge funds have recently bought and sold shares of the business. Parallel Advisors LLC increased its stake in Peapack-Gladstone Financial by 171.9% during the 1st quarter. Parallel Advisors LLC now owns 1,841 shares of the financial services provider’s stock valued at $65,000 after purchasing an additional 1,164 shares in the last quarter. NewEdge Advisors LLC bought a new position in shares of Peapack-Gladstone Financial in the first quarter valued at $252,000. Bank of America Corp DE grew its holdings in shares of Peapack-Gladstone Financial by 18.9% during the first quarter. Bank of America Corp DE now owns 92,803 shares of the financial services provider’s stock valued at $3,268,000 after buying an additional 14,730 shares during the last quarter. Amundi bought a new stake in shares of Peapack-Gladstone Financial during the first quarter worth about $282,000. Finally, Royal Bank of Canada increased its position in shares of Peapack-Gladstone Financial by 73.2% during 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. Institutional investors and hedge funds own 72.75% of the company’s stock.

Wall Street Analyst Weigh In

PGC has been the subject of several recent analyst reports. Raymond James Financial raised their price objective on shares of Peapack-Gladstone Financial from $49.00 to $55.00 and gave the stock a “strong-buy” rating in a research report on Wednesday. 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 increased 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 note on Friday, June 26th. Finally, Zacks Research upgraded shares of Peapack-Gladstone Financial from a “hold” rating to a “strong-buy” rating in a report on Friday, June 26th. Two equities research analysts have 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 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.