Assenagon Asset Management S.A. Invests $3.59 Million in Peapack-Gladstone Financial Co. (NASDAQ:PGC)

Assenagon Asset Management S.A. purchased a new stake in shares of Peapack-Gladstone Financial Co. (NASDAQ:PGC) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 112,008 shares of the financial services provider’s stock, valued at approximately $3,590,000. Assenagon Asset Management S.A. owned approximately 0.64% of Peapack-Gladstone Financial at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the company. Wellington Management Group LLP boosted its stake in Peapack-Gladstone Financial by 2.5% in the third quarter. Wellington Management Group LLP now owns 631,645 shares of the financial services provider’s stock valued at $17,313,000 after acquiring an additional 15,667 shares during the period. State Street Corp boosted its position in Peapack-Gladstone Financial by 2.4% during the 3rd quarter. State Street Corp now owns 524,231 shares of the financial services provider’s stock valued at $14,369,000 after purchasing an additional 12,332 shares during the period. Geode Capital Management LLC grew its stake in Peapack-Gladstone Financial by 1.1% during the 3rd quarter. Geode Capital Management LLC now owns 378,780 shares of the financial services provider’s stock worth $10,385,000 after buying an additional 4,172 shares during the last quarter. American Century Companies Inc. increased its position in Peapack-Gladstone Financial by 15.3% in the second quarter. American Century Companies Inc. now owns 275,576 shares of the financial services provider’s stock worth $6,242,000 after buying an additional 36,564 shares during the period. Finally, JPMorgan Chase & Co. lifted its stake in Peapack-Gladstone Financial by 6.0% in the third quarter. JPMorgan Chase & Co. now owns 147,502 shares of the financial services provider’s stock valued at $4,043,000 after buying an additional 8,393 shares during the last quarter. 72.75% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Peapack-Gladstone Financial news, EVP John P. Babcock sold 3,000 shares of the stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $32.29, for a total transaction of $96,870.00. Following the transaction, the executive vice president now owns 49,155 shares in the company, valued at $1,587,214.95. This represents a 5.75 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 7.18% of the company’s stock.

Peapack-Gladstone Financial Stock Up 1.0 %

Shares of Peapack-Gladstone Financial stock opened at $32.12 on Wednesday. The stock has a market cap of $564.83 million, a PE ratio of 17.75 and a beta of 1.00. The business has a fifty day simple moving average of $34.11 and a 200 day simple moving average of $30.05. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.22. Peapack-Gladstone Financial Co. has a 12 month low of $20.30 and a 12 month high of $37.88.

Peapack-Gladstone Financial (NASDAQ:PGC) last issued its quarterly earnings data on Tuesday, October 22nd. The financial services provider reported $0.43 EPS for the quarter, topping 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 net margin of 8.12% and a return on equity of 5.55%. Research analysts predict that Peapack-Gladstone Financial Co. will post 1.81 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on PGC shares. Piper Sandler raised Peapack-Gladstone Financial from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $30.00 to $35.00 in a research note on Wednesday, October 23rd. Keefe, Bruyette & Woods lifted their price target 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.