Merit Financial Group LLC Has $302,000 Stake in Peapack-Gladstone Financial Co. (NASDAQ:PGC)

Merit Financial Group LLC cut its stake in shares of Peapack-Gladstone Financial Co. (NASDAQ:PGC) by 12.5% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 9,414 shares of the financial services provider’s stock after selling 1,341 shares during the quarter. Merit Financial Group LLC owned 0.05% of Peapack-Gladstone Financial worth $302,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in PGC. Jane Street Group LLC boosted its stake in shares of Peapack-Gladstone Financial by 1.6% during the third quarter. Jane Street Group LLC now owns 23,998 shares of the financial services provider’s stock valued at $658,000 after purchasing an additional 387 shares in the last quarter. Point72 Asset Management L.P. boosted its position in Peapack-Gladstone Financial by 157.5% during the 3rd quarter. Point72 Asset Management L.P. now owns 2,400 shares of the financial services provider’s stock worth $66,000 after buying an additional 1,468 shares during the period. Empowered Funds LLC boosted its position in Peapack-Gladstone Financial by 5.2% during the 3rd quarter. Empowered Funds LLC now owns 48,710 shares of the financial services provider’s stock worth $1,335,000 after buying an additional 2,412 shares during the period. SG Americas Securities LLC increased its position in Peapack-Gladstone Financial by 48.4% in the 3rd quarter. SG Americas Securities LLC now owns 10,158 shares of the financial services provider’s stock valued at $278,000 after acquiring an additional 3,312 shares during the period. Finally, Geode Capital Management LLC raised its stake in shares of Peapack-Gladstone Financial by 1.1% during the third quarter. Geode Capital Management LLC now owns 378,780 shares of the financial services provider’s stock valued at $10,385,000 after acquiring an additional 4,172 shares during the last quarter. 72.75% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages recently weighed in on PGC. Piper Sandler raised shares of Peapack-Gladstone Financial from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $30.00 to $35.00 in a research note on Wednesday, October 23rd. Keefe, Bruyette & Woods upped their price target 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 Down 0.0 %

Shares of NASDAQ PGC opened at $32.14 on Friday. The company’s 50 day moving average price is $33.73 and its 200-day moving average price is $30.23. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.97 and a current ratio of 0.97. Peapack-Gladstone Financial Co. has a 52-week low of $20.30 and a 52-week high of $37.88. The company has a market capitalization of $565.18 million, a P/E ratio of 17.76 and a beta of 1.00.

Insider Buying and Selling

In other Peapack-Gladstone Financial news, EVP John P. Babcock sold 3,000 shares of the business’s 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 transaction, the executive vice president now directly owns 49,155 shares of the company’s stock, valued at approximately $1,587,214.95. The trade was a 5.75 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 7.63% of the stock is 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.