Bank of New York Mellon Corp Sells 6,206 Shares of Peapack-Gladstone Financial Co. (NASDAQ:PGC)

Bank of New York Mellon Corp lowered its stake in shares of Peapack-Gladstone Financial Co. (NASDAQ:PGC) by 6.9% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 83,188 shares of the financial services provider’s stock after selling 6,206 shares during the quarter. Bank of New York Mellon Corp’s holdings in Peapack-Gladstone Financial were worth $2,666,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Victory Capital Management Inc. acquired a new stake in Peapack-Gladstone Financial in the 3rd quarter valued at about $959,000. Empowered Funds LLC lifted its position in shares of Peapack-Gladstone Financial by 5.2% in the third quarter. Empowered Funds LLC now owns 48,710 shares of the financial services provider’s stock worth $1,335,000 after purchasing an additional 2,412 shares in the last quarter. Algert Global LLC grew its stake in Peapack-Gladstone Financial by 165.8% in the third quarter. Algert Global LLC now owns 24,558 shares of the financial services provider’s stock valued at $673,000 after purchasing an additional 15,320 shares in the last quarter. FMR LLC raised its stake in Peapack-Gladstone Financial by 27.1% in the third quarter. FMR LLC now owns 28,358 shares of the financial services provider’s stock valued at $777,000 after buying an additional 6,054 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Peapack-Gladstone Financial by 108.4% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 26,195 shares of the financial services provider’s stock worth $718,000 after buying an additional 13,623 shares during the period. Institutional investors and hedge funds own 72.75% of the company’s stock.

Insider Activity at Peapack-Gladstone Financial

In other Peapack-Gladstone Financial news, CEO Douglas L. Kennedy sold 20,000 shares of the firm’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $28.91, for a total transaction of $578,200.00. Following the completion of the sale, the chief executive officer now directly owns 43,703 shares in the company, valued at approximately $1,263,453.73. This trade represents a 31.40 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Gregory Martin Smith sold 17,633 shares of the business’s stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $31.95, for a total transaction of $563,374.35. Following the transaction, the executive vice president now directly owns 297 shares of the company’s stock, valued at $9,489.15. The trade was a 98.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 47,633 shares of company stock valued at $1,429,174. Corporate insiders own 7.63% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Keefe, Bruyette & Woods upped their price objective on shares of Peapack-Gladstone Financial from $38.00 to $44.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th.

Peapack-Gladstone Financial Stock Performance

Shares of PGC stock opened at $29.55 on Friday. The firm has a market capitalization of $519.96 million, a PE ratio of 15.97 and a beta of 1.00. The firm has a fifty day simple moving average of $31.86 and a two-hundred day simple moving average of $31.75. Peapack-Gladstone Financial Co. has a 12 month low of $20.30 and a 12 month high of $37.88. 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 (NASDAQ:PGC) last posted its earnings results on Tuesday, January 28th. The financial services provider reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.45 by $0.07. Peapack-Gladstone Financial had a return on equity of 5.57% and a net margin of 8.11%. Analysts forecast that Peapack-Gladstone Financial Co. will post 2.71 EPS for the current fiscal year.

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.