Massachusetts Financial Services Co. MA Makes New Investment in Peapack-Gladstone Financial Co. (NASDAQ:PGC)

Massachusetts Financial Services Co. MA bought a new position in Peapack-Gladstone Financial Co. (NASDAQ:PGC - Free Report) during the fourth quarter, according to the company in its most recent filing with the SEC. The firm bought 34,419 shares of the financial services provider's stock, valued at approximately $1,103,000. Massachusetts Financial Services Co. MA owned 0.20% of Peapack-Gladstone Financial as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the business. Albion Financial Group UT purchased a new position in shares of Peapack-Gladstone Financial in the fourth quarter worth $35,000. Point72 Asset Management L.P. increased its position in shares of Peapack-Gladstone Financial by 157.5% in the third quarter. Point72 Asset Management L.P. now owns 2,400 shares of the financial services provider's stock valued at $66,000 after acquiring an additional 1,468 shares during the period. KLP Kapitalforvaltning AS bought a new position in shares of Peapack-Gladstone Financial during the fourth quarter valued at about $112,000. Quantbot Technologies LP boosted its holdings in shares of Peapack-Gladstone Financial by 507.2% during the fourth quarter. Quantbot Technologies LP now owns 5,902 shares of the financial services provider's stock worth $189,000 after purchasing an additional 4,930 shares during the period. Finally, Janus Henderson Group PLC bought a new stake in shares of Peapack-Gladstone Financial in the third quarter worth about $211,000. 72.75% of the stock is owned by institutional investors.

Insider Activity

In related news, EVP Gregory Martin Smith sold 17,633 shares of the business's stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $31.95, for a total transaction of $563,374.35. Following the sale, the executive vice president now owns 297 shares of the company's stock, valued at $9,489.15. The trade was a 98.34 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director F Duffield Meyercord acquired 6,316 shares of the business's stock in a transaction on Monday, March 31st. The stock was acquired at an average price of $28.44 per share, for a total transaction of $179,627.04. Following the acquisition, the director now owns 140,372 shares of the company's stock, valued at approximately $3,992,179.68. This trade represents a 4.71 % increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 57,633 shares of company stock worth $1,716,024. Corporate insiders own 7.63% of the company's stock.

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Analysts Set New Price Targets

Separately, Raymond James began coverage on Peapack-Gladstone Financial in a research report on Friday. They set a "strong-buy" rating and a $39.00 price target for the company.

Peapack-Gladstone Financial Trading Down 0.3 %

Shares of NASDAQ PGC traded down $0.08 during midday trading on Monday, hitting $24.87. 8,340 shares of the company traded hands, compared to its average volume of 100,493. 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 12-month low of $20.30 and a 12-month high of $37.88. The stock has a 50-day moving average price of $30.22 and a 200 day moving average price of $31.80. The firm has a market cap of $437.61 million, a P/E ratio of 13.44 and a beta of 0.82.

Peapack-Gladstone Financial (NASDAQ:PGC - Get Free Report) last released its earnings results on Tuesday, January 28th. The financial services provider reported $0.52 EPS for the quarter, beating analysts' consensus estimates of $0.45 by $0.07. Peapack-Gladstone Financial had a return on equity of 5.57% and a net margin of 8.11%. As a group, analysts expect that Peapack-Gladstone Financial Co. will post 2.71 earnings per share for the current year.

Peapack-Gladstone Financial 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.