Watershed Asset Management L.L.C. Acquires Shares of 13,154 Peapack-Gladstone Financial Corporation $PGC

Watershed Asset Management L.L.C. purchased a new stake in shares of Peapack-Gladstone Financial Corporation (NASDAQ:PGC) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 13,154 shares of the financial services provider’s stock, valued at approximately $463,000. Watershed Asset Management L.L.C. owned about 0.07% of Peapack-Gladstone Financial at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. State of Alaska Department of Revenue grew its position in Peapack-Gladstone Financial by 431.5% in the fourth quarter. State of Alaska Department of Revenue now owns 3,768 shares of the financial services provider’s stock worth $104,000 after acquiring an additional 3,059 shares in the last quarter. OP Asset Management Ltd purchased a new stake in Peapack-Gladstone Financial in the first quarter worth $116,000. Aquatic Capital Management LLC increased 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 buying an additional 985 shares during the period. Aaron Wealth Advisors LLC purchased a new position in shares of Peapack-Gladstone Financial during the first quarter worth approximately $204,000. Finally, Schonfeld Strategic Advisors LLC bought a new stake in Peapack-Gladstone Financial during the 4th quarter valued at $206,000. 72.75% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently commented on PGC. Piper Sandler boosted their price target on shares of Peapack-Gladstone Financial from $50.00 to $54.00 and gave the company an “overweight” rating in a report on Friday, June 26th. Weiss Ratings raised shares of Peapack-Gladstone Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, May 12th. Wall Street Zen upgraded Peapack-Gladstone Financial from a “hold” rating to a “buy” rating in a research note on Saturday. Zacks Research raised shares of Peapack-Gladstone Financial from a “hold” rating to a “strong-buy” rating in a report on Friday, June 26th. Finally, Raymond James Financial lifted their target price on Peapack-Gladstone Financial from $49.00 to $55.00 and gave the stock a “strong-buy” rating in a report on Wednesday, July 1st. Two research analysts have rated the stock with a Strong Buy rating and three have issued a Buy rating to the company’s stock. Based on data from MarketBeat, Peapack-Gladstone Financial has an average rating of “Buy” and an average price target of $49.67.

Peapack-Gladstone Financial Stock Performance

NASDAQ PGC opened at $46.10 on Friday. The firm has a market capitalization of $816.89 million, a P/E ratio of 18.59 and a beta of 0.71. The stock has a 50-day simple moving average of $44.80 and a two-hundred day simple moving average of $37.96. Peapack-Gladstone Financial Corporation has a fifty-two week low of $24.42 and a fifty-two week high of $49.14.

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

Insider Activity at Peapack-Gladstone Financial

In other Peapack-Gladstone Financial news, EVP John P. Babcock sold 5,000 shares of Peapack-Gladstone Financial stock in a transaction on Monday, June 29th. The shares were sold at an average price of $47.11, for a total value of $235,550.00. Following the completion of the transaction, the executive vice president owned 45,582 shares of the company’s stock, valued at approximately $2,147,368.02. The trade was a 9.88% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Anthony W. Spinelli sold 2,000 shares of the company’s stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $44.63, for a total transaction of $89,260.00. Following the completion of the transaction, the director owned 11,742 shares of the company’s stock, valued at approximately $524,045.46. This trade represents a 14.55% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 8,100 shares of company stock worth $377,170. 5.75% of the stock is owned by company insiders.

About Peapack-Gladstone Financial

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.