Peapack-Gladstone Financial Corporation $PGC Shares Acquired by Sigma Planning Corp

Sigma Planning Corp grew its holdings in Peapack-Gladstone Financial Corporation (NASDAQ:PGC) by 600.0% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 35,000 shares of the financial services provider’s stock after acquiring an additional 30,000 shares during the period. Sigma Planning Corp’s holdings in Peapack-Gladstone Financial were worth $1,527,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Farther Finance Advisors LLC increased its stake in shares of Peapack-Gladstone Financial by 241.9% during the third quarter. Farther Finance Advisors LLC now owns 612 shares of the financial services provider’s stock valued at $27,000 after buying an additional 433 shares during the period. Fortitude Family Office LLC purchased a new stake in Peapack-Gladstone Financial in the third quarter worth $50,000. Royal Bank of Canada lifted its stake in Peapack-Gladstone Financial by 73.2% in 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 during the period. USA Financial Formulas bought a new stake in Peapack-Gladstone Financial in the third quarter valued at $72,000. Finally, Parallel Advisors LLC boosted its holdings 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 acquiring an additional 1,164 shares in the last quarter. 72.75% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, EVP Gregory Smith sold 1,250 shares of Peapack-Gladstone Financial stock in a transaction that occurred on Wednesday, September 2nd. The shares were sold at an average price of $44.66, for a total value of $55,825.00. Following the completion of the sale, the executive vice president directly owned 12,622 shares in the company, valued at $563,698.52. The trade was a 9.01% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Maureen Hemhauser sold 2,297 shares of Peapack-Gladstone Financial stock in a transaction that occurred on Monday, September 21st. The stock was sold at an average price of $45.32, for a total transaction of $104,100.04. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 5.75% of the company’s stock.

Peapack-Gladstone Financial Stock Up 0.6%

PGC opened at $46.17 on Thursday. The stock has a market cap of $818.59 million, a PE ratio of 16.03 and a beta of 0.72. The business has a 50 day moving average of $44.76 and a 200-day moving average of $40.98. Peapack-Gladstone Financial Corporation has a 52 week low of $24.71 and a 52 week high of $49.14.

Peapack-Gladstone Financial (NASDAQ:PGC) last issued its quarterly earnings results on Tuesday, October 27th. The financial services provider reported $0.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.92 by $0.07. Peapack-Gladstone Financial had a net margin of 11.09% and a return on equity of 7.82%. The company had revenue of $88.50 million during the quarter, compared to analysts’ expectations of $90.13 million. Equities analysts anticipate that Peapack-Gladstone Financial Corporation will post 3.58 EPS for the current year.

Peapack-Gladstone Financial News Summary

Here are the key news stories impacting Peapack-Gladstone Financial this week:

• Positive Sentiment: PGC reported third-quarter diluted earnings of $0.99 per share, above consensus estimates ranging from $0.92 to $0.94 and up from $0.54 a year earlier. Peapack-Gladstone Surpasses Q3 Earnings Estimates
• Positive Sentiment: Revenue increased approximately 24% year over year to roughly $87.5 million to $88.5 million, while net interest income climbed 33% to $67.5 million. Net interest margin expanded to 3.34%, supporting profitability. Peapack-Gladstone Q3 Revenue Rises 24%
• Positive Sentiment: Loans reached $7.1 billion and deposits totaled $7.4 billion at September 30. Operating expenses declined from the linked quarter, the efficiency ratio improved to 63.03%, and nonperforming assets fell to 0.68% of total assets, indicating improving operating leverage and credit quality. PGC Third Quarter Financial Results
• Positive Sentiment: Management outlined “2-2-2” operating objectives, including targets for return on assets above 1.25% and return on equity above 14%. The goals provide investors with a clearer framework for future profitability. PGC Operating Objectives
• Neutral Sentiment: Reported revenue of $88.5 million was below the approximately $90.1 million analyst forecast, tempering the otherwise strong earnings beat. PGC Earnings Report
• Negative Sentiment: Recent insider-trading data showed seven insider sales and no purchases over the past six months. While these transactions may be routine, the absence of insider buying could weigh modestly on sentiment.

Wall Street Analyst Weigh In

Several research analysts have commented on PGC shares. Keefe, Bruyette & Woods restated a “moderate buy” rating and issued a $56.00 price objective (up from $55.00) on shares of Peapack-Gladstone Financial in a report on Monday, August 3rd. Wall Street Zen lowered shares of Peapack-Gladstone Financial from a “buy” rating to a “hold” rating in a research note on Sunday, July 26th. Zacks Research lowered shares of Peapack-Gladstone Financial from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 29th. Piper Sandler boosted their price target on shares of Peapack-Gladstone Financial from $54.00 to $58.00 and gave the company an “overweight” rating in a research report on Wednesday, July 29th. Finally, Raymond James Financial increased their price target on shares of Peapack-Gladstone Financial from $49.00 to $55.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, July 1st. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the company has an average rating of “Buy” and a consensus target price of $56.33.

Peapack-Gladstone Financial Profile

Peapack-Gladstone Financial Corporation is the holding company for Peapack-Gladstone Bank, a full-service financial institution headquartered in Bedminster, New Jersey. The bank provides commercial, private and personal banking services to businesses, professionals, individuals and families.

Its banking activities include commercial and residential lending, deposits, cash-management services, treasury management, online and mobile banking, and other traditional banking products. Through its wealth-management operations, the company also provides investment management, trust and fiduciary services, financial planning and related advisory solutions.

Founded in 1921, Peapack-Gladstone Bank primarily serves clients in New Jersey and the broader New York metropolitan region, with a focus on privately held businesses, commercial real estate borrowers, high-net-worth individuals and nonprofit organizations.