Y Intercept Hong Kong Ltd Buys Shares of 18,118 Peapack-Gladstone Financial Corporation $PGC

Y Intercept Hong Kong Ltd purchased a new position in shares of Peapack-Gladstone Financial Corporation (NASDAQ:PGC) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 18,118 shares of the financial services provider’s stock, valued at approximately $638,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Peapack-Gladstone Financial by 4.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,939 shares of the financial services provider’s stock worth $282,000 after purchasing an additional 390 shares in the last quarter. Azora Capital LP grew its stake in Peapack-Gladstone Financial by 4.1% during the 4th quarter. Azora Capital LP now owns 11,058 shares of the financial services provider’s stock worth $308,000 after buying an additional 431 shares during the last quarter. PNC Financial Services Group Inc. increased its position in Peapack-Gladstone Financial by 0.8% during 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 buying an additional 500 shares in the last quarter. First Trust Advisors LP raised 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 valued at $321,000 after buying an additional 763 shares during the last quarter. Finally, Osaic Holdings Inc. raised 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 valued at $343,000 after buying an additional 780 shares during the last quarter. Hedge funds and other institutional investors own 72.75% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on PGC. Piper Sandler boosted their price target 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 shares of Peapack-Gladstone Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, May 12th. Raymond James Financial lifted their target price on shares of Peapack-Gladstone Financial from $49.00 to $55.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, July 1st. Finally, 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. Two research analysts have rated the stock with a Strong Buy rating and three have assigned a Buy rating to the stock. Based on data from MarketBeat, Peapack-Gladstone Financial presently has an average rating of “Buy” and a consensus price target of $49.67.

Insider Activity at Peapack-Gladstone Financial

In related news, Director Anthony W. Spinelli sold 2,000 shares of the stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $44.63, for a total value of $89,260.00. Following the transaction, the director owned 11,742 shares in the company, valued at approximately $524,045.46. This represents a 14.55% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Lisa Chalkan sold 1,100 shares of the firm’s stock in a transaction that occurred on Monday, June 29th. The stock was sold at an average price of $47.60, for a total transaction of $52,360.00. Following the transaction, the executive vice president directly owned 26,075 shares of the company’s stock, valued at $1,241,170. This represents a 4.05% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 8,100 shares of company stock worth $377,170 over the last quarter. Insiders own 5.75% of the company’s stock.

Peapack-Gladstone Financial Stock Performance

Shares of PGC opened at $46.31 on Tuesday. The stock has a 50-day moving average of $44.53 and a two-hundred day moving average of $37.52. The stock has a market cap of $820.61 million, a P/E ratio of 18.67 and a beta of 0.71. Peapack-Gladstone Financial Corporation has a one year low of $24.42 and a one year high of $49.14.

Peapack-Gladstone Financial (NASDAQ:PGC) last announced its quarterly earnings data on Wednesday, April 22nd. The financial services provider reported $0.80 earnings per share for the quarter, beating analysts’ consensus estimates of $0.66 by $0.14. Peapack-Gladstone Financial had a return on equity of 6.75% and a net margin of 9.60%.The business had revenue of $82.49 million for the quarter, compared to analyst estimates of $79.17 million. Analysts predict that Peapack-Gladstone Financial Corporation will post 3.76 EPS 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.