Peapack-Gladstone Financial Corporation $PGC Stock: Sigma Planning Corp Grows Position

Key Points

• Sigma Planning Corp increased its Peapack-Gladstone Financial position by 600% in the third quarter, bringing its holdings to 35,000 shares valued at approximately $1.53 million. Institutional investors collectively own 72.75% of the company.
• Peapack-Gladstone reported quarterly EPS of $0.99, beating the $0.92 consensus estimate, though revenue of $88.5 million fell short of analyst expectations. Shares opened at $46.17, near their 52-week high of $49.14.
• Analyst sentiment remains favorable, with the stock carrying a consensus “Buy” rating and an average price target of $56.33; however, recent insider activity has consisted of sales with no reported purchases.

Sigma Planning Corp raised its position in shares of Peapack-Gladstone Financial Corporation (NASDAQ:PGC - Free Report) by 600.0% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 35,000 shares of the financial services provider's stock after purchasing an additional 30,000 shares during the period. Sigma Planning Corp owned approximately 0.20% of Peapack-Gladstone Financial worth $1,527,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in PGC. Farther Finance Advisors LLC boosted its holdings in shares of Peapack-Gladstone Financial by 241.9% in the 3rd quarter. Farther Finance Advisors LLC now owns 612 shares of the financial services provider's stock worth $27,000 after purchasing an additional 433 shares in the last quarter. Fortitude Family Office LLC purchased a new position in shares of Peapack-Gladstone Financial during the 3rd quarter valued at about $50,000. Royal Bank of Canada raised its holdings in shares of Peapack-Gladstone Financial by 73.2% during the 1st quarter. Royal Bank of Canada now owns 1,252 shares of the financial services provider's stock valued at $44,000 after buying an additional 529 shares in the last quarter. USA Financial Formulas purchased a new position in shares of Peapack-Gladstone Financial during the 3rd quarter valued at about $72,000. Finally, Parallel Advisors LLC lifted its position 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 buying an additional 1,164 shares during the last quarter. Institutional investors own 72.75% of the company's stock.

Peapack-Gladstone Financial Trading Up 0.6%

NASDAQ PGC opened at $46.17 on Thursday. The firm has a market cap of $818.59 million, a PE ratio of 16.03 and a beta of 0.72. Peapack-Gladstone Financial Corporation has a 1-year low of $24.71 and a 1-year high of $49.14. The stock has a 50-day moving average of $44.76 and a 200-day moving average of $40.98.

Peapack-Gladstone Financial (NASDAQ:PGC - Get Free Report) last posted its quarterly earnings results on Tuesday, October 27th. The financial services provider reported $0.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.92 by $0.07. The business had revenue of $88.50 million for the quarter, compared to analyst estimates of $90.13 million. Peapack-Gladstone Financial had a return on equity of 7.82% and a net margin of 11.09%. As a group, equities research analysts forecast that Peapack-Gladstone Financial Corporation will post 3.58 earnings per share for the current fiscal year.

Peapack-Gladstone Financial News Roundup

Here are the key news stories impacting Peapack-Gladstone Financial this week:

• Positive Sentiment: PGC reported third-quarter diluted earnings of $0.99 per share, above consensus estimates ranging from $0.92 to $0.94 and up from $0.54 a year earlier. Peapack-Gladstone Surpasses Q3 Earnings Estimates
• Positive Sentiment: Revenue increased approximately 24% year over year to roughly $87.5 million to $88.5 million, while net interest income climbed 33% to $67.5 million. Net interest margin expanded to 3.34%, supporting profitability. Peapack-Gladstone Q3 Revenue Rises 24%
• Positive Sentiment: Loans reached $7.1 billion and deposits totaled $7.4 billion at September 30. Operating expenses declined from the linked quarter, the efficiency ratio improved to 63.03%, and nonperforming assets fell to 0.68% of total assets, indicating improving operating leverage and credit quality. PGC Third Quarter Financial Results
• Positive Sentiment: Management outlined “2-2-2” operating objectives, including targets for return on assets above 1.25% and return on equity above 14%. The goals provide investors with a clearer framework for future profitability. PGC Operating Objectives
• Neutral Sentiment: Reported revenue of $88.5 million was below the approximately $90.1 million analyst forecast, tempering the otherwise strong earnings beat. PGC Earnings Report
• Negative Sentiment: Recent insider-trading data showed seven insider sales and no purchases over the past six months. While these transactions may be routine, the absence of insider buying could weigh modestly on sentiment.

Wall Street Analyst Weigh In

PGC has been the subject of several research reports. Keefe, Bruyette & Woods reaffirmed a "moderate buy" rating and issued a $56.00 target price (up from $55.00) on shares of Peapack-Gladstone Financial in a research note on Monday, August 3rd. Zacks Research downgraded shares of Peapack-Gladstone Financial from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, July 29th. Piper Sandler boosted their price objective on shares of Peapack-Gladstone Financial from $54.00 to $58.00 and gave the stock an "overweight" rating in a report on Wednesday, July 29th. Raymond James Financial boosted 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 report on Wednesday, July 1st. Finally, Wall Street Zen cut shares of Peapack-Gladstone Financial from a "buy" rating to a "hold" rating in a research note on Sunday, July 26th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus target price of $56.33.

Insider Buying and Selling

In related news, EVP Gregory Smith sold 1,250 shares of the company's stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $44.66, for a total transaction of $55,825.00. Following the completion of the sale, the executive vice president directly owned 12,622 shares in the company, valued at $563,698.52. This represents a 9.01% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Maureen Hemhauser sold 2,297 shares of the firm's stock in a transaction on Monday, September 21st. The stock was sold at an average price of $45.32, for a total transaction of $104,100.04. The SEC filing for this sale provides additional information. Corporate insiders own 5.75% of the company's stock.

Peapack-Gladstone Financial Company Profile

Peapack-Gladstone Financial Corporation is the holding company for Peapack-Gladstone Bank, a full-service financial institution headquartered in Bedminster, New Jersey. The bank provides commercial, private and personal banking services to businesses, professionals, individuals and families.

Its banking activities include commercial and residential lending, deposits, cash-management services, treasury management, online and mobile banking, and other traditional banking products. Through its wealth-management operations, the company also provides investment management, trust and fiduciary services, financial planning and related advisory solutions.

Founded in 1921, Peapack-Gladstone Bank primarily serves clients in New Jersey and the broader New York metropolitan region, with a focus on privately held businesses, commercial real estate borrowers, high-net-worth individuals and nonprofit organizations.

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