Peapack-Gladstone Financial Co. (NASDAQ:PGC) Shares Purchased by Synergy Asset Management LLC

Synergy Asset Management LLC increased its position in Peapack-Gladstone Financial Co. (NASDAQ:PGC) by 7.9% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 349,414 shares of the financial services provider’s stock after purchasing an additional 25,687 shares during the period. Peapack-Gladstone Financial accounts for about 0.9% of Synergy Asset Management LLC’s holdings, making the stock its 27th biggest holding. Synergy Asset Management LLC’s holdings in Peapack-Gladstone Financial were worth $11,199,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in PGC. Wellington Management Group LLP increased its stake in Peapack-Gladstone Financial by 2.5% in the third quarter. Wellington Management Group LLP now owns 631,645 shares of the financial services provider’s stock valued at $17,313,000 after purchasing an additional 15,667 shares during the period. State Street Corp increased its position in Peapack-Gladstone Financial by 2.4% in the 3rd quarter. State Street Corp now owns 524,231 shares of the financial services provider’s stock valued at $14,369,000 after acquiring an additional 12,332 shares during the period. Geode Capital Management LLC raised its stake in Peapack-Gladstone Financial by 1.1% during the 3rd quarter. Geode Capital Management LLC now owns 378,780 shares of the financial services provider’s stock valued at $10,385,000 after acquiring an additional 4,172 shares during the last quarter. JPMorgan Chase & Co. lifted its position in Peapack-Gladstone Financial by 6.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 147,502 shares of the financial services provider’s stock worth $4,043,000 after acquiring an additional 8,393 shares during the period. Finally, Assenagon Asset Management S.A. purchased a new position in shares of Peapack-Gladstone Financial in the 4th quarter valued at approximately $3,590,000. 72.75% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the company. Keefe, Bruyette & Woods upped their price target on Peapack-Gladstone Financial from $38.00 to $44.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Piper Sandler raised shares of Peapack-Gladstone Financial from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $30.00 to $35.00 in a research note on Wednesday, October 23rd.

Insiders Place Their Bets

In other Peapack-Gladstone Financial news, EVP John P. Babcock sold 3,000 shares of the company’s stock in a transaction on Monday, November 4th. The stock was sold at an average price of $32.29, for a total value of $96,870.00. Following the sale, the executive vice president now owns 49,155 shares of the company’s stock, valued at approximately $1,587,214.95. This represents a 5.75 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 7.63% of the stock is currently owned by company insiders.

Peapack-Gladstone Financial Price Performance

Shares of PGC opened at $32.34 on Thursday. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.22. The stock’s 50 day moving average is $33.58 and its two-hundred day moving average is $30.47. The firm has a market capitalization of $568.54 million, a PE ratio of 17.87 and a beta of 1.00. Peapack-Gladstone Financial Co. has a twelve month low of $20.30 and a twelve month high of $37.88.

Peapack-Gladstone Financial (NASDAQ:PGC) last issued its earnings results on Tuesday, January 28th. The financial services provider reported $0.52 EPS for the quarter, topping the consensus estimate of $0.45 by $0.07. Peapack-Gladstone Financial had a net margin of 8.12% and a return on equity of 5.55%. Research analysts anticipate that Peapack-Gladstone Financial Co. will post 1.81 earnings per share for the current year.

Peapack-Gladstone Financial Company Profile

Peapack-Gladstone Financial Corporation operates as the bank holding company for Peapack-Gladstone Bank that provides private banking and wealth management services in the United States. The company operates in two segments, Banking and Peapack Private. It offers checking and savings accounts, money market and interest-bearing checking accounts, certificates of deposit, and individual retirement accounts.