Barclays PLC Purchases 13,846 Shares of Peapack-Gladstone Financial Co. (NASDAQ:PGC)

Barclays PLC boosted its position in shares of Peapack-Gladstone Financial Co. (NASDAQ:PGC) by 69.9% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 33,656 shares of the financial services provider’s stock after purchasing an additional 13,846 shares during the quarter. Barclays PLC owned about 0.19% of Peapack-Gladstone Financial worth $923,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PGC. Acadian Asset Management LLC acquired a new stake in shares of Peapack-Gladstone Financial in the 2nd quarter valued at approximately $1,444,000. American Century Companies Inc. raised its position in shares of Peapack-Gladstone Financial by 15.3% in the 2nd quarter. American Century Companies Inc. now owns 275,576 shares of the financial services provider’s stock valued at $6,242,000 after acquiring an additional 36,564 shares during the period. Victory Capital Management Inc. acquired a new stake in shares of Peapack-Gladstone Financial in the 3rd quarter valued at approximately $959,000. AQR Capital Management LLC raised its position in shares of Peapack-Gladstone Financial by 45.6% in the 2nd quarter. AQR Capital Management LLC now owns 95,930 shares of the financial services provider’s stock valued at $2,173,000 after acquiring an additional 30,031 shares during the period. Finally, Squarepoint Ops LLC acquired a new stake in shares of Peapack-Gladstone Financial in the 2nd quarter valued at approximately $626,000. 72.75% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

PGC has been the topic of a number of analyst reports. Keefe, Bruyette & Woods increased 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. Piper Sandler raised Peapack-Gladstone Financial from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $30.00 to $35.00 in a research note on Wednesday, October 23rd.

Peapack-Gladstone Financial Price Performance

NASDAQ PGC opened at $32.00 on Tuesday. The business has a 50 day simple moving average of $34.70 and a 200 day simple moving average of $29.05. Peapack-Gladstone Financial Co. has a 52-week low of $20.30 and a 52-week high of $37.88. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.97 and a current ratio of 0.97. The stock has a market cap of $562.72 million, a price-to-earnings ratio of 17.68 and a beta of 0.98.

Peapack-Gladstone Financial (NASDAQ:PGC) last issued its quarterly earnings results on Tuesday, October 22nd. The financial services provider reported $0.43 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.06. The company had revenue of $102.14 million during the quarter, compared to analysts’ expectations of $58.24 million. Peapack-Gladstone Financial had a net margin of 8.12% and a return on equity of 5.55%. Analysts anticipate that Peapack-Gladstone Financial Co. will post 1.82 earnings per share for the current fiscal year.

Insider Transactions at Peapack-Gladstone Financial

In other news, EVP John P. Babcock sold 3,000 shares of the stock in a transaction that occurred on Monday, November 4th. The stock was 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 of the company’s stock, valued at approximately $1,587,214.95. This represents a 5.75 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 7.63% of the company’s stock.

About Peapack-Gladstone Financial

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.