Douglas L. Kennedy Sells 5,000 Shares of Peapack-Gladstone Financial Co. (NASDAQ:PGC) Stock

Peapack-Gladstone Financial Co. (NASDAQ:PGC) CEO Douglas L. Kennedy sold 5,000 shares of the stock in a transaction on Friday, March 28th. The stock was sold at an average price of $28.58, for a total value of $142,900.00. Following the transaction, the chief executive officer now owns 35,409 shares of the company’s stock, valued at $1,011,989.22. This represents a 12.37 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Peapack-Gladstone Financial Trading Up 2.3 %

PGC stock opened at $29.06 on Wednesday. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.97 and a quick ratio of 0.97. The stock has a market capitalization of $511.34 million, a price-to-earnings ratio of 15.71 and a beta of 1.00. The business has a fifty day moving average price of $31.48 and a 200 day moving average price of $31.94. Peapack-Gladstone Financial Co. has a fifty-two week low of $20.30 and a fifty-two week high of $37.88.

Peapack-Gladstone Financial (NASDAQ:PGC) last announced its earnings results on Tuesday, January 28th. The financial services provider reported $0.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.45 by $0.07. Peapack-Gladstone Financial had a net margin of 8.11% and a return on equity of 5.57%. Analysts expect that Peapack-Gladstone Financial Co. will post 2.71 EPS for the current fiscal year.

Institutional Trading of Peapack-Gladstone Financial

Several institutional investors and hedge funds have recently made changes to their positions in the business. Basswood Capital Management L.L.C. bought a new position in Peapack-Gladstone Financial during the fourth quarter worth about $7,928,000. Assenagon Asset Management S.A. bought a new position in Peapack-Gladstone Financial during the 4th quarter worth approximately $3,590,000. Vanguard Group Inc. grew its holdings in Peapack-Gladstone Financial by 7.2% during the fourth quarter. Vanguard Group Inc. now owns 937,205 shares of the financial services provider’s stock valued at $30,037,000 after purchasing an additional 62,803 shares during the period. JPMorgan Chase & Co. increased its stake in Peapack-Gladstone Financial by 37.5% in the fourth quarter. JPMorgan Chase & Co. now owns 202,865 shares of the financial services provider’s stock valued at $6,502,000 after purchasing an additional 55,363 shares in the last quarter. Finally, American Century Companies Inc. boosted its position in shares of Peapack-Gladstone Financial by 11.6% during the fourth quarter. American Century Companies Inc. now owns 339,148 shares of the financial services provider’s stock worth $10,870,000 after purchasing an additional 35,159 shares in the last quarter. Institutional investors own 72.75% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Keefe, Bruyette & Woods increased their target price 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 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.