Peapack-Gladstone Financial (NASDAQ:PGC) EVP Sells $235,550.00 in Stock

Peapack-Gladstone Financial Corporation (NASDAQ:PGC) EVP John Babcock sold 5,000 shares of Peapack-Gladstone Financial 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 sale, the executive vice president directly owned 45,582 shares in the company, valued at $2,147,368.02. This represents a 9.88% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Peapack-Gladstone Financial Stock Performance

Shares of PGC opened at $47.38 on Friday. The stock has a 50 day moving average price of $43.73 and a 200 day moving average price of $36.67. Peapack-Gladstone Financial Corporation has a one year low of $24.42 and a one year high of $49.14. The stock has a market capitalization of $839.57 million, a price-to-earnings ratio of 19.10 and a beta of 0.71.

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

Institutional Trading of Peapack-Gladstone Financial

Several institutional investors and hedge funds have recently bought and sold shares of PGC. Wellington Management Group LLP raised its stake in shares of Peapack-Gladstone Financial by 67.0% in the 3rd quarter. Wellington Management Group LLP now owns 1,138,723 shares of the financial services provider’s stock valued at $31,429,000 after acquiring an additional 456,828 shares during the period. Dimensional Fund Advisors LP increased its holdings in Peapack-Gladstone Financial by 1.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,035,091 shares of the financial services provider’s stock valued at $36,445,000 after purchasing an additional 14,582 shares during the last quarter. Vanguard Group Inc. raised its position in Peapack-Gladstone Financial by 3.0% in the third quarter. Vanguard Group Inc. now owns 974,523 shares of the financial services provider’s stock valued at $26,897,000 after purchasing an additional 28,489 shares during the period. State Street Corp raised its position in Peapack-Gladstone Financial by 6.2% in the fourth quarter. State Street Corp now owns 549,447 shares of the financial services provider’s stock valued at $15,302,000 after purchasing an additional 31,917 shares during the period. Finally, Geode Capital Management LLC lifted its stake in Peapack-Gladstone Financial by 1.2% during the fourth quarter. Geode Capital Management LLC now owns 452,521 shares of the financial services provider’s stock worth $12,605,000 after purchasing an additional 5,260 shares in the last quarter. 72.75% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on PGC. Piper Sandler boosted their target price on Peapack-Gladstone Financial from $50.00 to $54.00 and gave the stock an “overweight” rating in a report on Friday, June 26th. Zacks Research raised Peapack-Gladstone Financial from a “hold” rating to a “strong-buy” rating in a research note on Friday, June 26th. Weiss Ratings raised Peapack-Gladstone Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, May 12th. Finally, Raymond James Financial upped their price objective on shares of Peapack-Gladstone Financial from $49.00 to $55.00 and gave the company a “strong-buy” rating in a report on Wednesday. Two equities research analysts have rated the stock with a Strong Buy rating and three have issued a Buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $49.67.

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.