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 business’s 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 completion of the transaction, the executive vice president owned 45,582 shares in the company, valued at $2,147,368.02. The trade was a 9.88% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Peapack-Gladstone Financial Trading Down 1.0%

Shares of PGC traded down $0.47 on Tuesday, reaching $47.16. 13,343 shares of the company’s stock traded hands, compared to its average volume of 133,288. The stock’s 50 day simple moving average is $43.23 and its two-hundred day simple moving average is $36.29. The stock has a market cap of $835.76 million, a PE ratio of 19.00 and a beta of 0.72. Peapack-Gladstone Financial Corporation has a 52-week low of $24.42 and a 52-week high of $48.31.

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

Analyst Ratings Changes

Several analysts have commented on the stock. Weiss Ratings raised shares of Peapack-Gladstone Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, May 12th. Zacks Research raised shares of Peapack-Gladstone Financial from a “hold” rating to a “strong-buy” rating in a report on Friday. Finally, 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. One equities research analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the stock. Based on data from MarketBeat, Peapack-Gladstone Financial currently has an average rating of “Buy” and an average target price of $47.00.

Institutional Trading of Peapack-Gladstone Financial

Institutional investors have recently modified their holdings of the business. Salzhauer Michael raised its stake in shares of Peapack-Gladstone Financial by 5.7% during the 4th quarter. Salzhauer Michael now owns 269,242 shares of the financial services provider’s stock valued at $7,498,000 after purchasing an additional 14,612 shares during the period. Greenwich Wealth Management LLC bought a new stake in shares of Peapack-Gladstone Financial during the fourth quarter valued at about $418,000. PL Capital Advisors LLC purchased a new stake in shares of Peapack-Gladstone Financial in the fourth quarter worth about $1,267,000. PNC Financial Services Group Inc. boosted its position in shares of Peapack-Gladstone Financial by 0.8% in the fourth quarter. PNC Financial Services Group Inc. now owns 65,766 shares of the financial services provider’s stock valued at $1,832,000 after acquiring an additional 500 shares during the period. Finally, Gamco Investors INC. ET AL grew its stake in Peapack-Gladstone Financial by 5.3% during the fourth quarter. Gamco Investors INC. ET AL now owns 63,310 shares of the financial services provider’s stock valued at $1,763,000 after acquiring an additional 3,200 shares in the last quarter. 72.75% of the stock is currently owned by hedge funds and other institutional investors.

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.