Mendon Capital Advisors Corp Trims Position in Peapack-Gladstone Financial Corporation $PGC

Key Points

• Mendon Capital Advisors cut its Peapack-Gladstone Financial stake by 78.7% in the first quarter, selling 31,217 shares and retaining 8,460 shares valued at approximately $298,000.
• Institutional ownership remains significant at 72.75%, with several investors adding shares, including SEI Investments, which increased its position by 66.3%.
• PGC shares opened at $46.38, near their 12-month high of $49.14. Analysts maintain a consensus “Buy” rating with a $49.67 price target, while company insiders have sold 8,100 shares worth $377,170 over the past 90 days.

Mendon Capital Advisors Corp decreased its position in Peapack-Gladstone Financial Corporation (NASDAQ:PGC - Free Report) by 78.7% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 8,460 shares of the financial services provider's stock after selling 31,217 shares during the quarter. Mendon Capital Advisors Corp's holdings in Peapack-Gladstone Financial were worth $298,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Inceptionr LLC purchased a new position in shares of Peapack-Gladstone Financial in the first quarter worth approximately $239,000. Sei Investments Co. increased its stake in shares of Peapack-Gladstone Financial by 66.3% in the 1st quarter. Sei Investments Co. now owns 48,036 shares of the financial services provider's stock worth $1,691,000 after purchasing an additional 19,150 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Peapack-Gladstone Financial by 1.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,035,091 shares of the financial services provider's stock worth $36,445,000 after purchasing an additional 14,582 shares during the period. Parallel Advisors LLC raised its holdings in Peapack-Gladstone Financial by 171.9% in the 1st quarter. Parallel Advisors LLC now owns 1,841 shares of the financial services provider's stock worth $65,000 after purchasing an additional 1,164 shares during the period. Finally, Watershed Asset Management L.L.C. purchased a new position in Peapack-Gladstone Financial during the first quarter valued at $463,000. 72.75% of the stock is owned by hedge funds and other institutional investors.

Peapack-Gladstone Financial Stock Performance

Shares of NASDAQ:PGC opened at $46.38 on Monday. The company has a market capitalization of $821.85 million, a PE ratio of 18.70 and a beta of 0.71. The business's fifty day simple moving average is $45.23 and its 200-day simple moving average is $38.66. Peapack-Gladstone Financial Corporation has a 12-month low of $24.42 and a 12-month high of $49.14.

Analyst Ratings Changes

A number of brokerages recently issued reports on PGC. Piper Sandler boosted their price objective on Peapack-Gladstone Financial from $50.00 to $54.00 and gave the company an "overweight" rating in a research note on Friday, June 26th. Zacks Research upgraded Peapack-Gladstone Financial from a "hold" rating to a "strong-buy" rating in a research report on Friday, June 26th. Weiss Ratings raised shares of Peapack-Gladstone Financial from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Tuesday, May 12th. Wall Street Zen downgraded Peapack-Gladstone Financial from a "buy" rating to a "hold" rating in a research report on Sunday. Finally, Raymond James Financial raised their price objective on shares of Peapack-Gladstone Financial from $49.00 to $55.00 and gave the stock a "strong-buy" rating in a research note on Wednesday, July 1st. Two research analysts have rated the stock with a Strong Buy rating and three have issued a Buy rating to the company. According to MarketBeat, Peapack-Gladstone Financial currently has a consensus rating of "Buy" and a consensus price target of $49.67.

Insider Buying and Selling

In related news, Director Anthony W. Spinelli sold 2,000 shares of the business's stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $44.63, for a total transaction of $89,260.00. Following the completion of the transaction, the director owned 11,742 shares in the company, valued at $524,045.46. The trade was a 14.55% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Lisa Chalkan sold 1,100 shares of the stock in a transaction dated Monday, June 29th. The shares were sold at an average price of $47.60, for a total value of $52,360.00. Following the completion of the sale, the executive vice president owned 26,075 shares of the company's stock, valued at approximately $1,241,170. This trade represents a 4.05% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 8,100 shares of company stock worth $377,170 in the last 90 days. 5.75% of the stock is owned by corporate insiders.

Peapack-Gladstone Financial Profile

Peapack-Gladstone Financial Corporation is the parent company of Peapack-Gladstone Bank, a New Jersey-chartered commercial bank headquartered in Bedminster, New Jersey, that trades on the NASDAQ under the symbol PGC. Through Peapack-Gladstone Bank, the company offers a broad range of deposit and lending solutions, including checking and savings accounts, residential and commercial real estate loans, lines of credit and treasury management services. Clients benefit from both in-branch relationship banking and an expanding suite of digital banking tools designed to support personal and business financial needs.

Complementing its core banking operations, Peapack-Gladstone Financial provides wealth management, trust and financial planning services through its subsidiary, Peapack-Gladstone Wealth Management.

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