Banc Funds Co. LLC Has $18.62 Million Stake in Peapack-Gladstone Financial Co. (NASDAQ:PGC)

Banc Funds Co. LLC lessened its stake in shares of Peapack-Gladstone Financial Co. (NASDAQ:PGC - Free Report) by 3.6% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 580,799 shares of the financial services provider's stock after selling 22,000 shares during the quarter. Peapack-Gladstone Financial comprises about 2.1% of Banc Funds Co. LLC's investment portfolio, making the stock its 12th biggest position. Banc Funds Co. LLC owned about 3.30% of Peapack-Gladstone Financial worth $18,615,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently made changes to their positions in the stock. Albion Financial Group UT acquired a new stake in Peapack-Gladstone Financial in the 4th quarter worth about $35,000. KLP Kapitalforvaltning AS purchased a new stake in Peapack-Gladstone Financial during the 4th quarter worth $112,000. Quantbot Technologies LP grew its stake in shares of Peapack-Gladstone Financial by 507.2% in the fourth quarter. Quantbot Technologies LP now owns 5,902 shares of the financial services provider's stock valued at $189,000 after buying an additional 4,930 shares in the last quarter. XTX Topco Ltd purchased a new stake in shares of Peapack-Gladstone Financial during the 4th quarter valued at about $235,000. Finally, ExodusPoint Capital Management LP purchased a new position in Peapack-Gladstone Financial in the 4th quarter worth approximately $250,000. 72.75% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

Insider Activity

In other Peapack-Gladstone Financial news, Director F Duffield Meyercord acquired 6,316 shares of Peapack-Gladstone Financial stock in a transaction dated Monday, March 31st. The stock was bought at an average cost of $28.44 per share, with a total value of $179,627.04. Following the completion of the transaction, the director now owns 140,372 shares of the company's stock, valued at $3,992,179.68. The trade was a 4.71 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Douglas L. Kennedy sold 20,000 shares of the business's stock in a transaction on Monday, March 17th. The stock was sold at an average price of $28.91, for a total transaction of $578,200.00. Following the transaction, the chief executive officer now directly owns 43,703 shares in the company, valued at $1,263,453.73. This trade represents a 31.40 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 57,633 shares of company stock worth $1,716,024. 7.63% of the stock is owned by corporate insiders.

Peapack-Gladstone Financial Stock Performance

Shares of NASDAQ PGC traded up $0.27 during midday trading on Friday, hitting $26.09. The company's stock had a trading volume of 78,842 shares, compared to its average volume of 102,031. The firm has a market cap of $459.08 million, a P/E ratio of 14.10 and a beta of 0.82. Peapack-Gladstone Financial Co. has a 1-year low of $20.30 and a 1-year high of $37.88. The firm's fifty day moving average price is $29.38 and its 200-day moving average price is $31.72. 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 (NASDAQ:PGC - Get Free Report) last issued its quarterly earnings data on Tuesday, January 28th. The financial services provider reported $0.52 earnings per share 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%. On average, sell-side analysts forecast that Peapack-Gladstone Financial Co. will post 2.71 EPS for the current fiscal year.

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.