Banc Funds Co. LLC Reduces Position in Peapack-Gladstone Financial Co. (NASDAQ:PGC)

Banc Funds Co. LLC cut its position in Peapack-Gladstone Financial Co. (NASDAQ:PGC - Free Report) by 3.6% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 580,799 shares of the financial services provider's stock after selling 22,000 shares during the period. Peapack-Gladstone Financial makes up 2.1% of Banc Funds Co. LLC's holdings, making the stock its 12th largest position. Banc Funds Co. LLC owned approximately 3.30% of Peapack-Gladstone Financial worth $18,615,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Assenagon Asset Management S.A. purchased a new position in shares of Peapack-Gladstone Financial during the 4th quarter valued at approximately $3,590,000. Vanguard Group Inc. grew its holdings in shares of Peapack-Gladstone Financial by 7.2% during the fourth 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 in the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Peapack-Gladstone Financial by 37.5% in the fourth quarter. JPMorgan Chase & Co. now owns 202,865 shares of the financial services provider's stock worth $6,502,000 after buying an additional 55,363 shares in the last quarter. American Century Companies Inc. boosted its position in Peapack-Gladstone Financial by 11.6% during the fourth quarter. American Century Companies Inc. now owns 339,148 shares of the financial services provider's stock worth $10,870,000 after acquiring an additional 35,159 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA purchased a new position in Peapack-Gladstone Financial in the 4th quarter worth approximately $1,103,000. Institutional investors and hedge funds own 72.75% of the company's stock.

Peapack-Gladstone Financial Trading Up 3.2 %

PGC traded up $0.84 during trading hours on Tuesday, reaching $26.69. The company's stock had a trading volume of 21,926 shares, compared to its average volume of 101,629. The business's 50-day moving average is $29.22 and its 200-day moving average is $31.75. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.97 and a quick ratio of 0.97. The stock has a market cap of $469.55 million, a PE ratio of 14.41 and a beta of 0.82. Peapack-Gladstone Financial Co. has a fifty-two week low of $20.30 and a fifty-two week high of $37.88.

Peapack-Gladstone Financial (NASDAQ:PGC - Get Free Report) last issued 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%. As a group, equities research analysts predict that Peapack-Gladstone Financial Co. will post 2.71 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Separately, Raymond James started coverage on 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.

Insiders Place Their Bets

In other Peapack-Gladstone Financial news, EVP Gregory Martin Smith sold 17,633 shares of the business's stock in a transaction on Thursday, January 30th. The shares were sold at an average price of $31.95, for a total value of $563,374.35. Following the completion of the transaction, the executive vice president now 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 legal filing with the SEC, which is available at the SEC website. Also, Director F Duffield Meyercord acquired 6,316 shares of Peapack-Gladstone Financial stock in a transaction dated Monday, March 31st. The stock was bought at an average price of $28.44 per share, for a total transaction of $179,627.04. Following the completion of the purchase, the director now owns 140,372 shares of the company's stock, valued at approximately $3,992,179.68. This represents a 4.71 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold 57,633 shares of company stock worth $1,716,024 over the last ninety days. Corporate insiders own 7.63% of the company's stock.

Peapack-Gladstone Financial Company 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.