State Street Corp Purchases 12,332 Shares of Peapack-Gladstone Financial Co. (NASDAQ:PGC)

State Street Corp raised its position in shares of Peapack-Gladstone Financial Co. (NASDAQ:PGC) by 2.4% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 524,231 shares of the financial services provider’s stock after acquiring an additional 12,332 shares during the period. State Street Corp owned approximately 2.98% of Peapack-Gladstone Financial worth $14,369,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Algert Global LLC boosted its holdings in shares of Peapack-Gladstone Financial by 165.8% during the 3rd quarter. Algert Global LLC now owns 24,558 shares of the financial services provider’s stock valued at $673,000 after acquiring an additional 15,320 shares in the last quarter. AQR Capital Management LLC raised its position in shares of Peapack-Gladstone Financial by 45.6% during the second quarter. AQR Capital Management LLC now owns 95,930 shares of the financial services provider’s stock worth $2,173,000 after purchasing an additional 30,031 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Peapack-Gladstone Financial by 108.4% in the third 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 purchasing an additional 13,623 shares during the last quarter. Sei Investments Co. bought a new stake in Peapack-Gladstone Financial in the 2nd quarter worth about $214,000. Finally, Acadian Asset Management LLC bought a new stake in shares of Peapack-Gladstone Financial during the 2nd quarter worth $1,444,000. Institutional investors own 72.75% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently commented on PGC. Piper Sandler upgraded Peapack-Gladstone Financial from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $30.00 to $35.00 in a research report on Wednesday, October 23rd. Keefe, Bruyette & Woods lifted their price objective on Peapack-Gladstone Financial from $38.00 to $44.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th.

Peapack-Gladstone Financial Stock Performance

Peapack-Gladstone Financial stock opened at $32.76 on Wednesday. Peapack-Gladstone Financial Co. has a fifty-two week low of $20.30 and a fifty-two 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 company has a market capitalization of $576.08 million, a PE ratio of 18.10 and a beta of 0.98. The company has a 50 day moving average price of $34.43 and a 200-day moving average price of $28.65.

Peapack-Gladstone Financial (NASDAQ:PGC) last announced its quarterly earnings data on Tuesday, October 22nd. The financial services provider reported $0.43 earnings per share for the quarter, beating analysts’ consensus estimates of $0.37 by $0.06. The business had revenue of $102.14 million for the quarter, compared to analyst estimates of $58.24 million. Peapack-Gladstone Financial had a return on equity of 5.55% and a net margin of 8.12%. As a group, equities analysts forecast that Peapack-Gladstone Financial Co. will post 1.82 earnings per share for the current year.

Insider Activity at Peapack-Gladstone Financial

In other news, EVP John P. Babcock sold 3,000 shares of the company’s stock in a transaction on Monday, November 4th. The shares were sold at an average price of $32.29, for a total value of $96,870.00. Following the completion of the transaction, the executive vice president now owns 49,155 shares in the company, valued at approximately $1,587,214.95. This represents a 5.75 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. 7.18% of the stock is currently owned by insiders.

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.