Salzhauer Michael Increases Stake in Peapack-Gladstone Financial Corporation (NASDAQ:PGC)

Salzhauer Michael grew its position in Peapack-Gladstone Financial Corporation (NASDAQ:PGC - Free Report) by 9.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 161,802 shares of the financial services provider's stock after acquiring an additional 13,708 shares during the period. Peapack-Gladstone Financial comprises 1.8% of Salzhauer Michael's portfolio, making the stock its 12th largest holding. Salzhauer Michael owned 0.92% of Peapack-Gladstone Financial worth $4,595,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. SummerHaven Investment Management LLC boosted its stake in shares of Peapack-Gladstone Financial by 1.3% in the first quarter. SummerHaven Investment Management LLC now owns 35,700 shares of the financial services provider's stock valued at $1,014,000 after buying an additional 454 shares in the last quarter. SG Americas Securities LLC lifted its holdings in Peapack-Gladstone Financial by 344.0% in the first quarter. SG Americas Securities LLC now owns 43,539 shares of the financial services provider's stock valued at $1,237,000 after acquiring an additional 33,733 shares during the period. GAMMA Investing LLC lifted its holdings in Peapack-Gladstone Financial by 6,579.2% in the first quarter. GAMMA Investing LLC now owns 14,427 shares of the financial services provider's stock valued at $410,000 after acquiring an additional 14,211 shares during the period. Wellington Management Group LLP boosted its position in shares of Peapack-Gladstone Financial by 3.6% during the 4th quarter. Wellington Management Group LLP now owns 654,450 shares of the financial services provider's stock worth $20,975,000 after purchasing an additional 22,805 shares in the last quarter. Finally, Public Employees Retirement System of Ohio grew its stake in shares of Peapack-Gladstone Financial by 34.0% during the 4th quarter. Public Employees Retirement System of Ohio now owns 8,517 shares of the financial services provider's stock worth $273,000 after purchasing an additional 2,162 shares during the period. Hedge funds and other institutional investors own 72.75% of the company's stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on PGC. Raymond James Financial assumed coverage on shares of Peapack-Gladstone Financial in a report on Friday, April 11th. They issued a "strong-buy" rating and a $39.00 price target for the company. Keefe, Bruyette & Woods lowered their target price on shares of Peapack-Gladstone Financial from $40.00 to $38.00 and set an "outperform" rating on the stock in a research report on Thursday, April 24th. Finally, Wall Street Zen raised shares of Peapack-Gladstone Financial from a "sell" rating to a "hold" rating in a report on Saturday, June 7th.

Insider Buying and Selling at Peapack-Gladstone Financial

In related news, Director F Duffield Meyercord acquired 6,316 shares of the company's stock in a transaction that occurred on Monday, March 31st. The stock was purchased at an average price of $28.44 per share, for a total transaction of $179,627.04. Following the transaction, the director now owns 140,372 shares in the company, valued at $3,992,179.68. This trade represents a 4.71% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Douglas L. Kennedy sold 5,000 shares of the business's stock in a transaction dated Friday, March 28th. The shares were sold at an average price of $28.58, for a total transaction of $142,900.00. Following the completion of the transaction, the chief executive officer now directly owns 35,409 shares of the company's stock, valued at $1,011,989.22. The trade was a 12.37% decrease in their position. The disclosure for this sale can be found here. Insiders own 7.63% of the company's stock.

Peapack-Gladstone Financial Stock Down 1.5%

Peapack-Gladstone Financial stock opened at $27.27 on Thursday. Peapack-Gladstone Financial Corporation has a fifty-two week low of $20.80 and a fifty-two week high of $37.88. The firm has a market capitalization of $483.77 million, a price-to-earnings ratio of 15.15 and a beta of 0.86. The stock's fifty day moving average is $27.68 and its two-hundred day moving average is $29.92. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.94 and a current ratio of 0.95.

Peapack-Gladstone Financial (NASDAQ:PGC - Get Free Report) last issued its quarterly earnings data on Tuesday, April 22nd. The financial services provider reported $0.43 EPS for the quarter, missing analysts' consensus estimates of $0.51 by ($0.08). Peapack-Gladstone Financial had a net margin of 7.71% and a return on equity of 5.27%. The business had revenue of $64.36 million during the quarter, compared to analyst estimates of $64.07 million. Analysts predict that Peapack-Gladstone Financial Corporation will post 2.71 EPS for the current fiscal year.

Peapack-Gladstone Financial 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.

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