Peapack-Gladstone Financial (NASDAQ:PGC) EVP John Babcock Sells 5,000 Shares of Stock

Peapack-Gladstone Financial Corporation (NASDAQ:PGC) EVP John Babcock sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, June 29th. The shares were sold at an average price of $47.11, for a total transaction of $235,550.00. Following the completion of the sale, the executive vice president directly owned 45,582 shares in the company, valued at approximately $2,147,368.02. This trade represents a 9.88% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Peapack-Gladstone Financial Stock Down 0.7%

NASDAQ PGC opened at $47.33 on Wednesday. Peapack-Gladstone Financial Corporation has a 52 week low of $24.42 and a 52 week high of $48.31. The stock has a market capitalization of $838.69 million, a PE ratio of 19.08 and a beta of 0.72. The firm has a 50 day moving average of $43.39 and a two-hundred day moving average of $36.42.

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, topping the consensus estimate of $0.66 by $0.14. The business had revenue of $82.49 million during 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%. On average, equities research analysts expect that Peapack-Gladstone Financial Corporation will post 3.76 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Piper Sandler increased their price objective on Peapack-Gladstone Financial from $50.00 to $54.00 and gave the company an “overweight” rating in a report on Friday, June 26th. Zacks Research upgraded Peapack-Gladstone Financial from a “hold” rating to a “strong-buy” rating in a research note on Friday, June 26th. Finally, Weiss Ratings raised Peapack-Gladstone Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, May 12th. One equities research analyst has rated the stock with a Strong Buy rating and three have assigned a Buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $47.00.

Hedge Funds Weigh In On Peapack-Gladstone Financial

Several large investors have recently bought and sold shares of the stock. Royal Bank of Canada boosted its position in shares of Peapack-Gladstone Financial by 73.2% in the 1st quarter. Royal Bank of Canada now owns 1,252 shares of the financial services provider’s stock valued at $44,000 after purchasing an additional 529 shares during the period. Parallel Advisors LLC lifted its stake in Peapack-Gladstone Financial by 171.9% in the first quarter. Parallel Advisors LLC now owns 1,841 shares of the financial services provider’s stock valued at $65,000 after buying an additional 1,164 shares during the last quarter. State of Alaska Department of Revenue boosted its holdings in shares of 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 valued at $104,000 after acquiring an additional 3,059 shares during the period. OP Asset Management Ltd acquired a new stake in shares of Peapack-Gladstone Financial in the first quarter valued at approximately $116,000. Finally, Aquatic Capital Management LLC grew its position in shares of Peapack-Gladstone Financial by 23.1% during the third quarter. Aquatic Capital Management LLC now owns 5,240 shares of the financial services provider’s stock worth $145,000 after acquiring an additional 985 shares during the last quarter. Institutional investors and hedge funds own 72.75% of the company’s stock.

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.