JPMorgan Chase & Co. raised its stake in Peapack-Gladstone Financial Co. (NASDAQ:PGC - Free Report) by 6.0% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 147,502 shares of the financial services provider's stock after purchasing an additional 8,393 shares during the quarter. JPMorgan Chase & Co. owned 0.84% of Peapack-Gladstone Financial worth $4,043,000 at the end of the most recent quarter.
Other institutional investors have also added to or reduced their stakes in the company. Algert Global LLC raised its position in shares of Peapack-Gladstone Financial by 165.8% in the 3rd quarter. Algert Global LLC now owns 24,558 shares of the financial services provider's stock worth $673,000 after acquiring an additional 15,320 shares in the last quarter. State Street Corp grew its holdings in shares of Peapack-Gladstone Financial by 2.4% during the third quarter. State Street Corp now owns 524,231 shares of the financial services provider's stock valued at $14,369,000 after buying an additional 12,332 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Peapack-Gladstone Financial by 108.4% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 26,195 shares of the financial services provider's stock worth $718,000 after purchasing an additional 13,623 shares in the last quarter. Wellington Management Group LLP raised its position in Peapack-Gladstone Financial by 2.5% in the 3rd quarter. Wellington Management Group LLP now owns 631,645 shares of the financial services provider's stock worth $17,313,000 after buying an additional 15,667 shares during the last quarter. Finally, AQR Capital Management LLC lifted its position in Peapack-Gladstone Financial by 45.6% during the second quarter. AQR Capital Management LLC now owns 95,930 shares of the financial services provider's stock valued at $2,173,000 after purchasing an additional 30,031 shares during the period. Hedge funds and other institutional investors own 72.75% of the company's stock.
Wall Street Analyst Weigh In
A number of research firms have issued reports on PGC. Piper Sandler upgraded Peapack-Gladstone Financial from a "neutral" rating to an "overweight" rating and boosted their price target for the company from $30.00 to $35.00 in a research note on Wednesday, October 23rd. Keefe, Bruyette & Woods upped their price objective 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.
Read Our Latest Analysis on Peapack-Gladstone Financial
Insider Buying and Selling
In other Peapack-Gladstone Financial news, EVP John P. Babcock sold 3,000 shares of the business's stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $32.29, for a total value of $96,870.00. Following the completion of the sale, the executive vice president now directly owns 49,155 shares of the company's stock, valued at $1,587,214.95. The trade was a 5.75 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 7.18% of the stock is currently owned by corporate insiders.
Peapack-Gladstone Financial Price Performance
NASDAQ:PGC traded up $0.42 during trading hours on Friday, reaching $31.81. The stock had a trading volume of 43,021 shares, compared to its average volume of 75,474. The stock has a market capitalization of $559.22 million, a PE ratio of 17.57 and a beta of 1.00. The company has a 50 day moving average price of $34.21 and a two-hundred day moving average price of $29.88. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.97 and a current ratio of 0.97. Peapack-Gladstone Financial Co. has a 52 week low of $20.30 and a 52 week high of $37.88.
Peapack-Gladstone Financial (NASDAQ:PGC - Get Free Report) last posted its quarterly earnings data on Tuesday, October 22nd. The financial services provider reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.06. Peapack-Gladstone Financial had a return on equity of 5.55% and a net margin of 8.12%. The business had revenue of $102.14 million during the quarter, compared to analyst estimates of $58.24 million. As a group, sell-side analysts anticipate that Peapack-Gladstone Financial Co. will post 1.81 earnings per share for the current fiscal year.
About Peapack-Gladstone Financial
(
Free Report)
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.
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