Boston Partners Increases Stake in Peapack-Gladstone Financial Co. (NASDAQ:PGC)

Boston Partners boosted its holdings in shares of Peapack-Gladstone Financial Co. (NASDAQ:PGC) by 2.3% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 781,826 shares of the financial services provider’s stock after buying an additional 17,220 shares during the quarter. Boston Partners owned 4.45% of Peapack-Gladstone Financial worth $25,046,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of PGC. Victory Capital Management Inc. purchased a new position in Peapack-Gladstone Financial during the 3rd quarter worth approximately $959,000. Empowered Funds LLC raised its position in Peapack-Gladstone Financial by 5.2% during the 3rd quarter. Empowered Funds LLC now owns 48,710 shares of the financial services provider’s stock worth $1,335,000 after buying an additional 2,412 shares during the last quarter. Algert Global LLC raised its position in Peapack-Gladstone Financial by 165.8% during the 3rd quarter. Algert Global LLC now owns 24,558 shares of the financial services provider’s stock worth $673,000 after buying an additional 15,320 shares during the last quarter. FMR LLC raised its position in Peapack-Gladstone Financial by 27.1% during the 3rd quarter. FMR LLC now owns 28,358 shares of the financial services provider’s stock worth $777,000 after buying an additional 6,054 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Peapack-Gladstone Financial by 108.4% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 26,195 shares of the financial services provider’s stock worth $718,000 after buying an additional 13,623 shares during the last quarter. 72.75% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, EVP Gregory Martin Smith sold 17,633 shares of Peapack-Gladstone Financial 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 sale, the executive vice president now owns 297 shares of the company’s stock, valued at approximately $9,489.15. This trade represents a 98.34 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Douglas L. Kennedy sold 20,000 shares of Peapack-Gladstone Financial 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 sale, the chief executive officer now directly owns 43,703 shares in the company, valued at $1,263,453.73. This represents a 31.40 % 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 Price Performance

NASDAQ:PGC opened at $29.28 on Thursday. 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 firm has a market cap of $515.21 million, a price-to-earnings ratio of 15.83 and a beta of 1.00. The company has a 50 day moving average price of $31.88 and a 200-day moving average price of $31.76. Peapack-Gladstone Financial Co. has a 1-year low of $20.30 and a 1-year high of $37.88.

Peapack-Gladstone Financial (NASDAQ:PGC) last posted its earnings results on Tuesday, January 28th. The financial services provider reported $0.52 earnings per share 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%. Equities research analysts forecast that Peapack-Gladstone Financial Co. will post 2.71 EPS for the current year.

Analyst Ratings Changes

Separately, Keefe, Bruyette & Woods raised their price target on shares of Peapack-Gladstone Financial from $38.00 to $44.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th.

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.