Cannell & Spears LLC Trims Stock Position in Peapack-Gladstone Financial Co. (NASDAQ:PGC)

Cannell & Spears LLC decreased its position in shares of Peapack-Gladstone Financial Co. (NASDAQ:PGC) by 2.4% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 28,515 shares of the financial services provider’s stock after selling 699 shares during the quarter. Cannell & Spears LLC owned approximately 0.16% of Peapack-Gladstone Financial worth $914,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also made changes to their positions in PGC. Vanguard Group Inc. grew its stake in Peapack-Gladstone Financial by 7.2% during the 4th quarter. Vanguard Group Inc. now owns 937,205 shares of the financial services provider’s stock worth $30,037,000 after buying an additional 62,803 shares during the last quarter. Boston Partners grew its position in shares of Peapack-Gladstone Financial by 2.3% during the fourth quarter. Boston Partners now owns 781,826 shares of the financial services provider’s stock worth $25,046,000 after acquiring an additional 17,220 shares during the last quarter. Wellington Management Group LLP grew its position in shares of Peapack-Gladstone Financial by 3.6% during the fourth quarter. Wellington Management Group LLP now owns 654,450 shares of the financial services provider’s stock worth $20,975,000 after acquiring an additional 22,805 shares during the last quarter. State Street Corp increased its holdings in shares of Peapack-Gladstone Financial by 2.4% in the 3rd quarter. State Street Corp now owns 524,231 shares of the financial services provider’s stock valued at $14,369,000 after acquiring an additional 12,332 shares during the period. Finally, Geode Capital Management LLC raised its position in Peapack-Gladstone Financial by 1.1% in the 3rd quarter. Geode Capital Management LLC now owns 378,780 shares of the financial services provider’s stock valued at $10,385,000 after purchasing an additional 4,172 shares during the last quarter. Institutional investors and hedge funds own 72.75% of the company’s stock.

Peapack-Gladstone Financial Trading Down 0.2 %

Shares of PGC stock opened at $28.40 on Tuesday. Peapack-Gladstone Financial Co. has a twelve month low of $20.30 and a twelve month high of $37.88. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.22. The business’s 50 day moving average is $31.54 and its two-hundred day moving average is $31.92. The company has a market capitalization of $499.73 million, a P/E ratio of 15.35 and a beta of 1.00.

Peapack-Gladstone Financial (NASDAQ:PGC) last announced its quarterly earnings data 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 net margin of 8.11% and a return on equity of 5.57%. Equities analysts forecast that Peapack-Gladstone Financial Co. will post 2.71 EPS for the current year.

Insider Transactions at Peapack-Gladstone Financial

In related news, EVP Gregory Martin Smith sold 17,633 shares of Peapack-Gladstone Financial stock in a transaction that occurred on Thursday, January 30th. The stock was sold at an average price of $31.95, for a total value of $563,374.35. Following the sale, the executive vice president now directly owns 297 shares in the company, valued at $9,489.15. The trade was a 98.34 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP John P. Babcock sold 10,000 shares of the stock in a transaction on Wednesday, March 19th. The stock was sold at an average price of $28.76, for a total value of $287,600.00. Following the completion of the transaction, the executive vice president now owns 39,155 shares of the company’s stock, valued at $1,126,097.80. The trade was a 20.34 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 57,633 shares of company stock worth $1,716,024 over the last ninety days. 7.63% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Separately, Keefe, Bruyette & Woods lifted their price objective on shares of Peapack-Gladstone Financial from $38.00 to $44.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th.

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.