Assenagon Asset Management S.A. Purchases Shares of 112,008 Peapack-Gladstone Financial Co. (NASDAQ:PGC)

Assenagon Asset Management S.A. bought a new position in shares of Peapack-Gladstone Financial Co. (NASDAQ:PGC) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 112,008 shares of the financial services provider’s stock, valued at approximately $3,590,000.

Other large investors have also added to or reduced their stakes in the company. JPMorgan Chase & Co. grew its holdings in Peapack-Gladstone Financial by 6.0% during the third quarter. JPMorgan Chase & Co. now owns 147,502 shares of the financial services provider’s stock valued at $4,043,000 after purchasing an additional 8,393 shares during the period. Barclays PLC raised its stake in Peapack-Gladstone Financial by 69.9% in the third quarter. Barclays PLC now owns 33,656 shares of the financial services provider’s stock valued at $923,000 after purchasing an additional 13,846 shares in the last quarter. Geode Capital Management LLC lifted its position in Peapack-Gladstone Financial by 1.1% in the 3rd quarter. Geode Capital Management LLC now owns 378,780 shares of the financial services provider’s stock worth $10,385,000 after buying an additional 4,172 shares during the last quarter. Jane Street Group LLC grew its holdings in shares of Peapack-Gladstone Financial by 1.6% during the 3rd quarter. Jane Street Group LLC now owns 23,998 shares of the financial services provider’s stock valued at $658,000 after purchasing an additional 387 shares during the last quarter. Finally, Wellington Management Group LLP increased its holdings in shares of Peapack-Gladstone Financial by 2.5% in the third quarter. Wellington Management Group LLP now owns 631,645 shares of the financial services provider’s stock worth $17,313,000 after buying an additional 15,667 shares during the period. Institutional investors own 72.75% of the company’s stock.

Insider Buying and Selling at Peapack-Gladstone Financial

In other news, EVP John P. Babcock sold 3,000 shares of the business’s stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $32.29, for a total value of $96,870.00. Following the completion of the sale, the executive vice president now owns 49,155 shares in the company, valued at approximately $1,587,214.95. The trade was a 5.75 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 7.18% of the stock is owned by company insiders.

Peapack-Gladstone Financial Stock Performance

Shares of PGC opened at $32.12 on Wednesday. The business has a 50-day simple moving average of $34.11 and a two-hundred day simple moving average of $30.05. The stock has a market cap of $564.83 million, a price-to-earnings ratio of 17.75 and a beta of 1.00. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.22. Peapack-Gladstone Financial Co. has a 52 week low of $20.30 and a 52 week high of $37.88.

Peapack-Gladstone Financial (NASDAQ:PGC) last issued its earnings results on Tuesday, October 22nd. The financial services provider reported $0.43 earnings per share for the quarter, topping analysts’ consensus estimates of $0.37 by $0.06. The firm had revenue of $102.14 million during the quarter, compared to analyst estimates of $58.24 million. Peapack-Gladstone Financial had a net margin of 8.12% and a return on equity of 5.55%. On average, analysts expect that Peapack-Gladstone Financial Co. will post 1.81 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on PGC. Keefe, Bruyette & Woods lifted their price objective on Peapack-Gladstone Financial from $38.00 to $44.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Piper Sandler raised Peapack-Gladstone Financial from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $30.00 to $35.00 in a research report on Wednesday, October 23rd.

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.