18,118 Shares in Peapack-Gladstone Financial Corporation $PGC Purchased by Y Intercept Hong Kong Ltd

Y Intercept Hong Kong Ltd acquired a new position in Peapack-Gladstone Financial Corporation (NASDAQ:PGC) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 18,118 shares of the financial services provider’s stock, valued at approximately $638,000. Y Intercept Hong Kong Ltd owned about 0.10% of Peapack-Gladstone Financial at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Peapack-Gladstone Financial by 4.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,939 shares of the financial services provider’s stock worth $282,000 after buying an additional 390 shares during the period. Azora Capital LP grew its position in Peapack-Gladstone Financial by 4.1% in the 4th quarter. Azora Capital LP now owns 11,058 shares of the financial services provider’s stock valued at $308,000 after acquiring an additional 431 shares during the last quarter. PNC Financial Services Group Inc. grew its position in Peapack-Gladstone Financial by 0.8% in the 4th quarter. PNC Financial Services Group Inc. now owns 65,766 shares of the financial services provider’s stock valued at $1,832,000 after acquiring an additional 500 shares during the last quarter. First Trust Advisors LP increased its stake in Peapack-Gladstone Financial by 7.2% in the second quarter. First Trust Advisors LP now owns 11,361 shares of the financial services provider’s stock worth $321,000 after purchasing an additional 763 shares during the period. Finally, Osaic Holdings Inc. increased its stake in Peapack-Gladstone Financial by 6.8% in the fourth quarter. Osaic Holdings Inc. now owns 12,299 shares of the financial services provider’s stock worth $343,000 after purchasing an additional 780 shares during the period. Institutional investors own 72.75% of the company’s stock.

Insiders Place Their Bets

In related news, EVP John P. Babcock sold 5,000 shares of the firm’s stock in a transaction dated Monday, June 29th. The stock was sold at an average price of $47.11, for a total transaction of $235,550.00. Following the sale, the executive vice president owned 45,582 shares of the company’s stock, valued at $2,147,368.02. This trade represents a 9.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Anthony W. Spinelli sold 2,000 shares of Peapack-Gladstone Financial 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 completion of the transaction, the director owned 11,742 shares in the company, valued at $524,045.46. This trade represents a 14.55% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 8,100 shares of company stock worth $377,170 over the last 90 days. Company insiders own 5.75% of the company’s stock.

Wall Street Analyst Weigh In

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

Peapack-Gladstone Financial Stock Performance

NASDAQ PGC opened at $46.31 on Tuesday. Peapack-Gladstone Financial Corporation has a one year low of $24.42 and a one year high of $49.14. The company has a market capitalization of $820.61 million, a price-to-earnings ratio of 18.67 and a beta of 0.71. The company’s 50-day simple moving average is $44.53 and its two-hundred day simple moving average is $37.52.

Peapack-Gladstone Financial (NASDAQ:PGC) last announced its quarterly earnings results on Wednesday, April 22nd. The financial services provider reported $0.80 earnings per share for the quarter, topping the consensus estimate 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 firm had revenue of $82.49 million during the quarter, compared to analysts’ expectations of $79.17 million. Equities analysts expect that Peapack-Gladstone Financial Corporation will post 3.76 earnings per share for the current fiscal year.

About Peapack-Gladstone Financial

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.