JPMorgan Chase & Co. Raises Position in Peapack-Gladstone Financial Co. (NASDAQ:PGC)

JPMorgan Chase & Co. increased its position in Peapack-Gladstone Financial Co. (NASDAQ:PGC - Free Report) by 37.5% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 202,865 shares of the financial services provider's stock after buying an additional 55,363 shares during the quarter. JPMorgan Chase & Co. owned 1.15% of Peapack-Gladstone Financial worth $6,502,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. Assenagon Asset Management S.A. bought a new stake in Peapack-Gladstone Financial in the fourth quarter valued at approximately $3,590,000. Vanguard Group Inc. grew its holdings in Peapack-Gladstone Financial by 7.2% in the 4th quarter. Vanguard Group Inc. now owns 937,205 shares of the financial services provider's stock worth $30,037,000 after acquiring an additional 62,803 shares during the last quarter. American Century Companies Inc. raised its stake in shares of Peapack-Gladstone Financial by 11.6% during the fourth quarter. American Century Companies Inc. now owns 339,148 shares of the financial services provider's stock valued at $10,870,000 after acquiring an additional 35,159 shares during the last quarter. Synergy Asset Management LLC boosted its holdings in shares of Peapack-Gladstone Financial by 7.9% during the fourth quarter. Synergy Asset Management LLC now owns 349,414 shares of the financial services provider's stock worth $11,199,000 after purchasing an additional 25,687 shares during the period. Finally, Boston Partners boosted its holdings in shares of Peapack-Gladstone Financial by 2.3% during the fourth quarter. Boston Partners now owns 781,826 shares of the financial services provider's stock worth $25,046,000 after purchasing an additional 17,220 shares during the period. Hedge funds and other institutional investors own 72.75% of the company's stock.

Insiders Place Their Bets

In other news, Director F Duffield Meyercord purchased 6,316 shares of Peapack-Gladstone Financial stock in a transaction that occurred on Monday, March 31st. The stock was bought at an average price of $28.44 per share, with a total value of $179,627.04. Following the completion of the transaction, the director now directly owns 140,372 shares of the company's stock, valued at approximately $3,992,179.68. The trade was a 4.71 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Douglas L. Kennedy sold 5,000 shares of the company's stock in a transaction that occurred on Friday, March 28th. The shares were sold at an average price of $28.58, for a total value of $142,900.00. Following the completion of the transaction, the chief executive officer now directly owns 35,409 shares in the company, valued at $1,011,989.22. This trade represents a 12.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 57,633 shares of company stock valued at $1,716,024. 7.63% of the stock is currently owned by corporate insiders.

Peapack-Gladstone Financial Stock Up 1.0 %

Peapack-Gladstone Financial stock traded up $0.27 on Friday, hitting $26.09. 78,842 shares of the stock traded hands, compared to its average volume of 102,031. The business's fifty day simple moving average is $29.38 and its 200 day simple moving average is $31.72. The firm has a market cap of $459.08 million, a P/E ratio of 14.10 and a beta of 0.82. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.22. Peapack-Gladstone Financial Co. has a 1 year low of $20.30 and a 1 year high of $37.88.

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

Analyst Upgrades and Downgrades

Separately, Raymond James assumed coverage on Peapack-Gladstone Financial in a report on Friday, April 11th. They set a "strong-buy" rating and a $39.00 price target on the stock.

About Peapack-Gladstone Financial

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.