JPMorgan Chase & Co. Acquires 55,363 Shares of Peapack-Gladstone Financial Co. (NASDAQ:PGC)

JPMorgan Chase & Co. increased its holdings in shares of Peapack-Gladstone Financial Co. (NASDAQ:PGC - Free Report) by 37.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 202,865 shares of the financial services provider's stock after acquiring an additional 55,363 shares during the quarter. JPMorgan Chase & Co. owned about 1.15% of Peapack-Gladstone Financial worth $6,502,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of PGC. Albion Financial Group UT bought a new position in Peapack-Gladstone Financial during the fourth quarter worth about $35,000. KLP Kapitalforvaltning AS acquired a new stake in Peapack-Gladstone Financial during the fourth quarter worth about $112,000. Quantbot Technologies LP grew its stake in Peapack-Gladstone Financial by 507.2% during the fourth quarter. Quantbot Technologies LP now owns 5,902 shares of the financial services provider's stock worth $189,000 after buying an additional 4,930 shares in the last quarter. Delta Financial Group Inc. acquired a new stake in Peapack-Gladstone Financial during the fourth quarter worth about $353,000. Finally, LPL Financial LLC grew its stake in Peapack-Gladstone Financial by 18.7% during the fourth quarter. LPL Financial LLC now owns 14,652 shares of the financial services provider's stock worth $470,000 after buying an additional 2,304 shares in the last quarter. 72.75% of the stock is owned by institutional investors.

Peapack-Gladstone Financial Price Performance

Peapack-Gladstone Financial stock traded up $0.48 during trading hours on Wednesday, reaching $27.69. 6,864 shares of the stock were exchanged, compared to its average volume of 101,602. The stock has a 50 day moving average of $29.06 and a two-hundred day moving average of $31.72. 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 company has a market cap of $487.23 million, a P/E ratio of 14.97 and a beta of 0.82.

Peapack-Gladstone Financial (NASDAQ:PGC - Get Free Report) last posted its quarterly earnings results on Tuesday, January 28th. The financial services provider reported $0.52 earnings per share for the quarter, beating analysts' consensus estimates 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 expect that Peapack-Gladstone Financial Co. will post 2.71 EPS for the current fiscal year.

Insider Activity

In other news, CEO Douglas L. Kennedy sold 20,000 shares of the firm's stock in a transaction on Monday, March 17th. The shares were sold at an average price of $28.91, for a total transaction of $578,200.00. Following the completion of the transaction, the chief executive officer now owns 43,703 shares of the company's stock, valued at approximately $1,263,453.73. This trade represents a 31.40 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP John P. Babcock sold 10,000 shares of the business's stock in a transaction on Wednesday, March 19th. The stock was sold at an average price of $28.76, for a total transaction of $287,600.00. Following the completion of the sale, the executive vice president now directly owns 39,155 shares in the company, valued at approximately $1,126,097.80. This represents a 20.34 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 57,633 shares of company stock worth $1,716,024. Corporate insiders own 7.63% of the company's stock.

Analyst Ratings Changes

Separately, Raymond James began coverage on shares of Peapack-Gladstone Financial in a research note on Friday, April 11th. They set a "strong-buy" rating and a $39.00 price objective on the stock.

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.