Wellington Management Group LLP Grows Stock Position in Peapack-Gladstone Financial Co. (NASDAQ:PGC)

Wellington Management Group LLP boosted its position in shares of Peapack-Gladstone Financial Co. (NASDAQ:PGC - Free Report) by 3.6% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 654,450 shares of the financial services provider's stock after acquiring an additional 22,805 shares during the quarter. Wellington Management Group LLP owned about 3.72% of Peapack-Gladstone Financial worth $20,975,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the company. Synergy Asset Management LLC increased its stake in shares of Peapack-Gladstone Financial by 7.9% in the fourth quarter. Synergy Asset Management LLC now owns 349,414 shares of the financial services provider's stock worth $11,199,000 after acquiring an additional 25,687 shares during the period. JPMorgan Chase & Co. grew its position in Peapack-Gladstone Financial by 6.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 147,502 shares of the financial services provider's stock worth $4,043,000 after purchasing an additional 8,393 shares during the period. State Street Corp raised its stake in shares of Peapack-Gladstone Financial by 2.4% during the 3rd 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. Assenagon Asset Management S.A. acquired a new position in shares of Peapack-Gladstone Financial in the 4th quarter valued at about $3,590,000. Finally, Proficio Capital Partners LLC purchased a new stake in shares of Peapack-Gladstone Financial in the fourth quarter worth about $532,000. Hedge funds and other institutional investors own 72.75% of the company's stock.

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Insider Buying and Selling at Peapack-Gladstone Financial

In related news, CEO Douglas L. Kennedy sold 20,000 shares of Peapack-Gladstone Financial stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $28.91, for a total value of $578,200.00. Following the completion of the sale, the chief executive officer now owns 43,703 shares in the company, valued at approximately $1,263,453.73. This trade represents a 31.40 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Gregory Martin Smith sold 17,633 shares of the stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $31.95, for a total transaction of $563,374.35. Following the sale, the executive vice president now directly owns 297 shares in the company, valued at $9,489.15. This represents a 98.34 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 57,633 shares of company stock worth $1,716,024 in the last ninety days. 6.95% of the stock is owned by insiders.

Peapack-Gladstone Financial Price Performance

PGC stock traded up $0.31 during midday trading on Friday, reaching $24.95. The stock had a trading volume of 173,915 shares, compared to its average volume of 100,718. Peapack-Gladstone Financial Co. has a 52-week low of $20.30 and a 52-week high of $37.88. The company has a market cap of $439.02 million, a price-to-earnings ratio of 13.49 and a beta of 0.82. The company's fifty day simple moving average is $30.22 and its 200 day simple moving average is $31.76. 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 (NASDAQ:PGC - Get Free Report) last issued its earnings results on Tuesday, January 28th. The financial services provider reported $0.52 earnings per share for the quarter, topping the consensus estimate 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, sell-side analysts predict that Peapack-Gladstone Financial Co. will post 2.71 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Separately, Raymond James began coverage on shares of Peapack-Gladstone Financial in a report on Friday. 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.