Peapack-Gladstone Financial Corporation $PGC Shares Sold by Mendon Capital Advisors Corp

Mendon Capital Advisors Corp trimmed its holdings in shares of Peapack-Gladstone Financial Corporation (NASDAQ:PGC) by 78.7% in the 1st quarter, HoldingsChannel.com reports. The fund owned 8,460 shares of the financial services provider’s stock after selling 31,217 shares during the quarter. Mendon Capital Advisors Corp’s holdings in Peapack-Gladstone Financial were worth $298,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in PGC. Salzhauer Michael raised its stake in shares of Peapack-Gladstone Financial by 5.7% during the 4th quarter. Salzhauer Michael now owns 269,242 shares of the financial services provider’s stock valued at $7,498,000 after buying an additional 14,612 shares during the last quarter. Y Intercept Hong Kong Ltd purchased a new stake in shares of Peapack-Gladstone Financial in the first quarter worth about $638,000. Greenwich Wealth Management LLC purchased a new stake in shares of Peapack-Gladstone Financial in the fourth quarter worth about $418,000. Watershed Asset Management L.L.C. acquired a new stake in Peapack-Gladstone Financial during the first quarter worth about $463,000. Finally, PL Capital Advisors LLC acquired a new stake in Peapack-Gladstone Financial during the fourth quarter worth about $1,267,000. 72.75% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Anthony W. Spinelli sold 2,000 shares of the business’s stock in a transaction on Monday, June 8th. The shares were sold at an average price of $44.63, for a total transaction of $89,260.00. Following the completion of the transaction, the director owned 11,742 shares in the company, valued at approximately $524,045.46. The trade was a 14.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Lisa Chalkan sold 1,100 shares of the stock in a transaction on Monday, June 29th. The shares were sold at an average price of $47.60, for a total value of $52,360.00. Following the completion of the transaction, the executive vice president directly owned 26,075 shares in the company, valued at $1,241,170. This trade represents a 4.05% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 8,100 shares of company stock worth $377,170. 5.75% of the stock is currently owned by company insiders.

Peapack-Gladstone Financial Stock Performance

Peapack-Gladstone Financial stock opened at $46.38 on Monday. Peapack-Gladstone Financial Corporation has a twelve month low of $24.42 and a twelve month high of $49.14. The firm has a market capitalization of $821.85 million, a P/E ratio of 18.70 and a beta of 0.71. The stock’s fifty day simple moving average is $45.23 and its 200-day simple moving average is $38.66.

Analyst Upgrades and Downgrades

PGC has been the subject of several analyst reports. Raymond James Financial boosted their target price on shares of Peapack-Gladstone Financial from $49.00 to $55.00 and gave the company a “strong-buy” rating in a research note on Wednesday, July 1st. Wall Street Zen downgraded Peapack-Gladstone Financial from a “buy” rating to a “hold” rating in a research note on Sunday. Piper Sandler boosted their target price on Peapack-Gladstone Financial from $50.00 to $54.00 and gave the stock an “overweight” rating in a report on Friday, June 26th. Zacks Research raised shares of Peapack-Gladstone Financial from a “hold” rating to a “strong-buy” rating in a report on Friday, June 26th. Finally, Weiss Ratings raised Peapack-Gladstone Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, May 12th. Two investment analysts have rated the stock with a Strong Buy rating and three have issued a Buy rating to the company’s stock. According to data from MarketBeat.com, Peapack-Gladstone Financial currently has a consensus rating of “Buy” and an average target price of $49.67.

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.