Merit Financial Group LLC Has $302,000 Stock Position in Peapack-Gladstone Financial Co. (NASDAQ:PGC)

Merit Financial Group LLC cut its position in Peapack-Gladstone Financial Co. (NASDAQ:PGC) by 12.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,414 shares of the financial services provider’s stock after selling 1,341 shares during the period. Merit Financial Group LLC’s holdings in Peapack-Gladstone Financial were worth $302,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in PGC. Point72 Asset Management L.P. boosted its holdings in Peapack-Gladstone Financial by 157.5% in the third quarter. Point72 Asset Management L.P. now owns 2,400 shares of the financial services provider’s stock worth $66,000 after acquiring an additional 1,468 shares in the last quarter. Algert Global LLC bought a new position in shares of Peapack-Gladstone Financial in the 2nd quarter worth $209,000. Janus Henderson Group PLC acquired a new stake in Peapack-Gladstone Financial in the 3rd quarter valued at $211,000. Sei Investments Co. bought a new stake in Peapack-Gladstone Financial during the 2nd quarter valued at $214,000. Finally, Cubist Systematic Strategies LLC bought a new stake in Peapack-Gladstone Financial during the 2nd quarter valued at $223,000. 72.75% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

PGC has been the subject of a number of analyst reports. Piper Sandler upgraded shares of Peapack-Gladstone Financial from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $30.00 to $35.00 in a report on Wednesday, October 23rd. Keefe, Bruyette & Woods raised their price target on shares of Peapack-Gladstone Financial from $38.00 to $44.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th.

Insider Transactions at Peapack-Gladstone Financial

In related news, EVP John P. Babcock sold 3,000 shares of Peapack-Gladstone Financial stock in a transaction on Monday, November 4th. The stock was sold at an average price of $32.29, for a total transaction of $96,870.00. Following the sale, the executive vice president now directly owns 49,155 shares in the company, valued at approximately $1,587,214.95. This trade represents a 5.75 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 7.63% of the company’s stock.

Peapack-Gladstone Financial Trading Down 0.0 %

Shares of Peapack-Gladstone Financial stock opened at $32.14 on Friday. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.22. The stock has a fifty day simple moving average of $33.73 and a 200 day simple moving average of $30.23. Peapack-Gladstone Financial Co. has a 12-month low of $20.30 and a 12-month high of $37.88. The company has a market capitalization of $565.18 million, a P/E ratio of 17.76 and a beta of 1.00.

Peapack-Gladstone Financial 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.