Federated Investors Inc. PA grew its stake in Peapack-Gladstone Financial Co. (NASDAQ:PGC) by 13.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 136,961 shares of the financial services provider’s stock after buying an additional 16,101 shares during the quarter. Federated Investors Inc. PA owned approximately 0.71% of Peapack-Gladstone Financial worth $4,231,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently modified their holdings of the company. Schwab Charles Investment Management Inc. grew its position in shares of Peapack-Gladstone Financial by 29.1% during the second quarter. Schwab Charles Investment Management Inc. now owns 132,915 shares of the financial services provider’s stock worth $4,598,000 after purchasing an additional 29,954 shares in the last quarter. BlackRock Inc. grew its holdings in Peapack-Gladstone Financial by 9.2% during the 2nd quarter. BlackRock Inc. now owns 1,180,069 shares of the financial services provider’s stock valued at $40,819,000 after buying an additional 99,002 shares in the last quarter. California Public Employees Retirement System grew its holdings in Peapack-Gladstone Financial by 38.7% during the 2nd quarter. California Public Employees Retirement System now owns 38,725 shares of the financial services provider’s stock valued at $1,339,000 after buying an additional 10,811 shares in the last quarter. Northern Trust Corp grew its holdings in Peapack-Gladstone Financial by 4.0% during the 2nd quarter. Northern Trust Corp now owns 236,468 shares of the financial services provider’s stock valued at $8,180,000 after buying an additional 9,122 shares in the last quarter. Finally, United Services Automobile Association grew its holdings in Peapack-Gladstone Financial by 65.7% during the 2nd quarter. United Services Automobile Association now owns 63,819 shares of the financial services provider’s stock valued at $2,208,000 after buying an additional 25,300 shares in the last quarter. Institutional investors and hedge funds own 71.49% of the company’s stock.
Several research firms have weighed in on PGC. Zacks Investment Research cut Peapack-Gladstone Financial from a “hold” rating to a “sell” rating in a report on Friday, November 2nd. BidaskClub lowered Peapack-Gladstone Financial from a “sell” rating to a “strong sell” rating in a research note on Thursday, December 13th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $36.00 price objective on shares of Peapack-Gladstone Financial in a research note on Wednesday, October 31st. Finally, ValuEngine lowered Peapack-Gladstone Financial from a “hold” rating to a “sell” rating in a research note on Thursday, September 27th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company’s stock. Peapack-Gladstone Financial presently has an average rating of “Hold” and a consensus target price of $37.50.
In other Peapack-Gladstone Financial news, CEO Douglas L. Kennedy purchased 1,000 shares of Peapack-Gladstone Financial stock in a transaction that occurred on Monday, November 5th. The stock was bought at an average price of $27.96 per share, with a total value of $27,960.00. Following the acquisition, the chief executive officer now owns 100,049 shares of the company’s stock, valued at approximately $2,797,370.04. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Jeffrey J. Carfora purchased 1,500 shares of Peapack-Gladstone Financial stock in a transaction that occurred on Monday, November 5th. The stock was acquired at an average cost of $28.21 per share, with a total value of $42,315.00. Following the acquisition, the chief financial officer now directly owns 81,116 shares in the company, valued at approximately $2,288,282.36. The disclosure for this purchase can be found here. Insiders own 4.84% of the company’s stock.
Shares of NASDAQ:PGC opened at $26.37 on Friday. The firm has a market capitalization of $514.06 million, a PE ratio of 13.59 and a beta of 1.04. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.37. Peapack-Gladstone Financial Co. has a 12-month low of $23.96 and a 12-month high of $38.00.
Peapack-Gladstone Financial (NASDAQ:PGC) last issued its quarterly earnings data on Friday, October 26th. The financial services provider reported $0.56 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.59 by ($0.03). The company had revenue of $39.13 million during the quarter, compared to analyst estimates of $42.08 million. Peapack-Gladstone Financial had a net margin of 22.25% and a return on equity of 9.83%. On average, equities research analysts forecast that Peapack-Gladstone Financial Co. will post 2.37 EPS for the current year.
TRADEMARK VIOLATION NOTICE: “Federated Investors Inc. PA Has $4.23 Million Stake in Peapack-Gladstone Financial Co. (PGC)” was first reported by Fairfield Current and is the sole property of of Fairfield Current. If you are accessing this news story on another site, it was illegally stolen and reposted in violation of US and international trademark and copyright laws. The original version of this news story can be viewed at https://www.fairfieldcurrent.com/news/2019/01/12/federated-investors-inc-pa-has-4-23-million-holdings-in-peapack-gladstone-financial-co-pgc.html.
About Peapack-Gladstone Financial
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 Private Wealth Management. It offers checking and savings accounts, money market and interest-bearing checking accounts, certificates of deposit, and individual retirement accounts.
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