Watershed Asset Management L.L.C. Invests $463,000 in Peapack-Gladstone Financial Corporation $PGC

Watershed Asset Management L.L.C. bought a new stake in shares of Peapack-Gladstone Financial Corporation (NASDAQ:PGC) during the first quarter, Holdings Channel reports. The fund bought 13,154 shares of the financial services provider’s stock, valued at approximately $463,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in PGC. OP Asset Management Ltd purchased a new stake in Peapack-Gladstone Financial in the 1st quarter worth $116,000. State of Alaska Department of Revenue lifted its holdings in Peapack-Gladstone Financial by 431.5% during the fourth quarter. State of Alaska Department of Revenue now owns 3,768 shares of the financial services provider’s stock valued at $104,000 after purchasing an additional 3,059 shares in the last quarter. Aquatic Capital Management LLC lifted its holdings in Peapack-Gladstone Financial by 23.1% during the third quarter. Aquatic Capital Management LLC now owns 5,240 shares of the financial services provider’s stock valued at $145,000 after purchasing an additional 985 shares in the last quarter. Aaron Wealth Advisors LLC acquired a new stake in shares of Peapack-Gladstone Financial in the first quarter valued at about $204,000. Finally, Schonfeld Strategic Advisors LLC acquired a new stake in shares of Peapack-Gladstone Financial in the fourth quarter valued at about $206,000. Hedge funds and other institutional investors own 72.75% of the company’s stock.

Peapack-Gladstone Financial Stock Down 2.4%

Shares of PGC opened at $46.10 on Friday. Peapack-Gladstone Financial Corporation has a 52-week low of $24.42 and a 52-week high of $49.14. The firm’s fifty day moving average is $44.80 and its two-hundred day moving average is $37.96. The stock has a market cap of $816.89 million, a PE ratio of 18.59 and a beta of 0.71.

Peapack-Gladstone Financial (NASDAQ:PGC) last released its earnings results on Wednesday, April 22nd. The financial services provider reported $0.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.66 by $0.14. Peapack-Gladstone Financial had a net margin of 9.60% and a return on equity of 6.75%. The business had revenue of $82.49 million during the quarter, compared to analyst estimates of $79.17 million. As a group, research analysts anticipate that Peapack-Gladstone Financial Corporation will post 3.76 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Raymond James Financial upped their price target on shares of Peapack-Gladstone Financial from $49.00 to $55.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, July 1st. Wall Street Zen upgraded Peapack-Gladstone Financial from a “hold” rating to a “buy” rating in a report on Saturday. Piper Sandler boosted their price objective on Peapack-Gladstone Financial from $50.00 to $54.00 and gave the stock an “overweight” rating in a research note on Friday, June 26th. Weiss Ratings raised Peapack-Gladstone Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, May 12th. Finally, Zacks Research upgraded Peapack-Gladstone Financial from a “hold” rating to a “strong-buy” rating in a research report on Friday, June 26th. Two research analysts have rated the stock with a Strong Buy rating and three have issued a Buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $49.67.

Insider Buying and Selling

In related news, Director Anthony W. Spinelli sold 2,000 shares of the business’s stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $44.63, for a total value of $89,260.00. Following the sale, the director directly owned 11,742 shares in the company, valued at approximately $524,045.46. The trade was a 14.55% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP John P. Babcock sold 5,000 shares of the company’s stock in a transaction on Monday, June 29th. The stock was sold at an average price of $47.11, for a total value of $235,550.00. Following the transaction, the executive vice president owned 45,582 shares in the company, valued at $2,147,368.02. This trade represents a 9.88% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 8,100 shares of company stock valued at $377,170. 5.75% of the stock is currently owned by insiders.

Peapack-Gladstone Financial Company Profile

Peapack-Gladstone Financial Corporation is the parent company of Peapack-Gladstone Bank, a New Jersey-chartered commercial bank headquartered in Bedminster, New Jersey, that trades on the NASDAQ under the symbol PGC. Through Peapack-Gladstone Bank, the company offers a broad range of deposit and lending solutions, including checking and savings accounts, residential and commercial real estate loans, lines of credit and treasury management services. Clients benefit from both in-branch relationship banking and an expanding suite of digital banking tools designed to support personal and business financial needs.

Complementing its core banking operations, Peapack-Gladstone Financial provides wealth management, trust and financial planning services through its subsidiary, Peapack-Gladstone Wealth Management.