Geode Capital Management LLC Cuts Stake in Peapack-Gladstone Financial Co. (NASDAQ:PGC)

Geode Capital Management LLC decreased its stake in Peapack-Gladstone Financial Co. (NASDAQ:PGC) by 0.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 377,622 shares of the financial services provider’s stock after selling 1,158 shares during the period. Geode Capital Management LLC owned approximately 2.15% of Peapack-Gladstone Financial worth $12,106,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of PGC. Assenagon Asset Management S.A. purchased a new stake in shares of Peapack-Gladstone Financial during the fourth quarter worth about $3,590,000. Vanguard Group Inc. grew its stake in Peapack-Gladstone Financial by 7.2% during the 4th quarter. Vanguard Group Inc. now owns 937,205 shares of the financial services provider’s stock valued at $30,037,000 after purchasing an additional 62,803 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in Peapack-Gladstone Financial by 37.5% during the 4th quarter. JPMorgan Chase & Co. now owns 202,865 shares of the financial services provider’s stock worth $6,502,000 after purchasing an additional 55,363 shares during the last quarter. American Century Companies Inc. boosted its stake in shares of Peapack-Gladstone Financial by 11.6% during the 4th quarter. American Century Companies Inc. now owns 339,148 shares of the financial services provider’s stock valued at $10,870,000 after buying an additional 35,159 shares during the last quarter. Finally, Synergy Asset Management LLC grew its position in shares of Peapack-Gladstone Financial by 7.9% during the fourth quarter. Synergy Asset Management LLC now owns 349,414 shares of the financial services provider’s stock worth $11,199,000 after buying an additional 25,687 shares in the last quarter. Institutional investors and hedge funds own 72.75% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Raymond James started 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 objective on the stock.

Peapack-Gladstone Financial Stock Performance

PGC stock opened at $25.85 on Tuesday. The firm has a market cap of $454.86 million, a P/E ratio of 13.97 and a beta of 0.82. The stock’s 50 day simple moving average is $29.22 and its 200 day simple moving average is $31.75. 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 Co. has a 12-month low of $20.30 and a 12-month high of $37.88.

Peapack-Gladstone Financial (NASDAQ:PGC) last posted its quarterly earnings results on Tuesday, January 28th. The financial services provider reported $0.52 EPS 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%. As a group, equities research analysts predict that Peapack-Gladstone Financial Co. will post 2.71 EPS for the current year.

Insider Transactions at Peapack-Gladstone Financial

In related news, CEO Douglas L. Kennedy sold 20,000 shares of Peapack-Gladstone Financial stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $28.91, for a total value of $578,200.00. Following the sale, 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 sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Gregory Martin Smith sold 17,633 shares of the company’s 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 completion of the transaction, the executive vice president now owns 297 shares of the company’s stock, valued at approximately $9,489.15. This trade represents a 98.34 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 57,633 shares of company stock worth $1,716,024. 7.63% of the stock is currently owned by company insiders.

Peapack-Gladstone Financial Company Profile

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.