Peapack-Gladstone Financial Corporation $PGC Shares Sold by JPMorgan Chase & Co.

JPMorgan Chase & Co. lowered its position in Peapack-Gladstone Financial Corporation (NASDAQ:PGC) by 10.1% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 132,506 shares of the financial services provider’s stock after selling 14,848 shares during the period. JPMorgan Chase & Co. owned approximately 0.75% of Peapack-Gladstone Financial worth $3,657,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the company. Salzhauer Michael boosted its position in Peapack-Gladstone Financial by 79.2% during the third quarter. Salzhauer Michael now owns 254,630 shares of the financial services provider’s stock worth $7,028,000 after purchasing an additional 112,504 shares in the last quarter. Oppenheimer & Close LLC acquired a new stake in Peapack-Gladstone Financial in the third quarter valued at $1,083,000. Squarepoint Ops LLC increased its position in shares of Peapack-Gladstone Financial by 194.2% in the second quarter. Squarepoint Ops LLC now owns 25,794 shares of the financial services provider’s stock valued at $729,000 after buying an additional 17,027 shares in the last quarter. Azora Capital LP purchased a new position in shares of Peapack-Gladstone Financial in the second quarter valued at $300,000. Finally, Royal Bank of Canada raised its stake in shares of Peapack-Gladstone Financial by 40.4% during the 1st quarter. Royal Bank of Canada now owns 10,675 shares of the financial services provider’s stock worth $302,000 after buying an additional 3,070 shares during the last quarter. 72.75% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on PGC shares. Piper Sandler boosted their price objective on shares of Peapack-Gladstone Financial from $39.00 to $41.00 and gave the stock an “overweight” rating in a research report on Thursday. Keefe, Bruyette & Woods raised their target price on shares of Peapack-Gladstone Financial from $35.00 to $40.00 and gave the company an “outperform” rating in a report on Monday, February 2nd. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Peapack-Gladstone Financial in a research report on Thursday, January 22nd. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $40.00.

Insider Activity

In related news, EVP Maureen Hemhauser sold 5,272 shares of the business’s stock in a transaction that occurred on Monday, February 9th. The shares were sold at an average price of $35.59, for a total value of $187,630.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 5.75% of the company’s stock.

Peapack-Gladstone Financial Stock Performance

Peapack-Gladstone Financial stock opened at $36.21 on Friday. The stock has a fifty day moving average price of $33.83 and a 200 day moving average price of $29.84. Peapack-Gladstone Financial Corporation has a 52 week low of $23.96 and a 52 week high of $36.28. The firm has a market capitalization of $636.21 million, a P/E ratio of 17.16 and a beta of 0.63. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.15.

Peapack-Gladstone Financial (NASDAQ:PGC) last issued its quarterly earnings results on Thursday, January 29th. The financial services provider reported $0.69 earnings per share (EPS) for the quarter. The firm had revenue of $77.67 million for the quarter. Peapack-Gladstone Financial had a return on equity of 5.85% and a net margin of 8.40%. Equities research analysts anticipate that Peapack-Gladstone Financial Corporation will post 2.71 earnings per share for the current year.

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.