Insider Selling: Peapack-Gladstone Financial Co. (NASDAQ:PGC) CEO Sells 5,000 Shares of Stock

Peapack-Gladstone Financial Co. (NASDAQ:PGC) CEO Douglas L. Kennedy sold 5,000 shares of the business’s stock in a transaction dated Friday, March 21st. The shares were sold at an average price of $28.79, for a total transaction of $143,950.00. Following the transaction, the chief executive officer now directly owns 40,409 shares of the company’s stock, valued at $1,163,375.11. The trade was a 11.01 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Peapack-Gladstone Financial Price Performance

PGC stock traded up $0.92 during trading on Monday, hitting $29.58. The company had a trading volume of 75,863 shares, compared to its average volume of 88,378. The business has a 50 day moving average of $31.84 and a 200 day moving average of $31.81. The firm has a market capitalization of $520.49 million, a price-to-earnings ratio of 15.99 and a beta of 1.00. 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 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 issued its quarterly earnings results on Tuesday, January 28th. The financial services provider reported $0.52 earnings per share (EPS) for the quarter, beating 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%. As a group, research analysts predict that Peapack-Gladstone Financial Co. will post 2.71 earnings per share for the current year.

Analysts Set New Price Targets

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

Hedge Funds Weigh In On Peapack-Gladstone Financial

Hedge funds have recently modified their holdings of the stock. Wellington Management Group LLP boosted its holdings in shares of Peapack-Gladstone Financial by 3.6% in the fourth quarter. Wellington Management Group LLP now owns 654,450 shares of the financial services provider’s stock worth $20,975,000 after buying an additional 22,805 shares during the period. Public Employees Retirement System of Ohio grew its holdings in shares of Peapack-Gladstone Financial by 34.0% during the fourth quarter. Public Employees Retirement System of Ohio now owns 8,517 shares of the financial services provider’s stock valued at $273,000 after buying an additional 2,162 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Peapack-Gladstone Financial by 8.7% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 28,467 shares of the financial services provider’s stock worth $912,000 after acquiring an additional 2,272 shares in the last quarter. Nuveen Asset Management LLC boosted its position in Peapack-Gladstone Financial by 41.1% during the 4th quarter. Nuveen Asset Management LLC now owns 48,831 shares of the financial services provider’s stock worth $1,565,000 after acquiring an additional 14,220 shares during the period. Finally, Occudo Quantitative Strategies LP purchased a new position in Peapack-Gladstone Financial during the 4th quarter valued at about $299,000. 72.75% of the stock is currently owned by institutional investors and hedge funds.

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.