Synergy Asset Management LLC grew its holdings in Peapack-Gladstone Financial Co. (NASDAQ:PGC – Free Report) by 7.9% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 349,414 shares of the financial services provider’s stock after buying an additional 25,687 shares during the period. Peapack-Gladstone Financial accounts for about 0.9% of Synergy Asset Management LLC’s holdings, making the stock its 27th biggest holding. Synergy Asset Management LLC owned 1.99% of Peapack-Gladstone Financial worth $11,199,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently modified their holdings of PGC. Albion Financial Group UT purchased a new stake in Peapack-Gladstone Financial in the 4th quarter valued at $35,000. Point72 Asset Management L.P. increased its position in Peapack-Gladstone Financial by 157.5% during the third quarter. Point72 Asset Management L.P. now owns 2,400 shares of the financial services provider’s stock worth $66,000 after purchasing an additional 1,468 shares during the last quarter. Algert Global LLC purchased a new position in Peapack-Gladstone Financial during the second quarter worth about $209,000. Janus Henderson Group PLC acquired a new position in Peapack-Gladstone Financial in the 3rd quarter valued at about $211,000. Finally, Sei Investments Co. purchased a new stake in shares of Peapack-Gladstone Financial in the 2nd quarter valued at approximately $214,000. 72.75% of the stock is owned by hedge funds and other institutional investors.
Peapack-Gladstone Financial Stock Down 1.2 %
NASDAQ:PGC opened at $32.34 on Thursday. Peapack-Gladstone Financial Co. has a 52 week low of $20.30 and a 52 week high of $37.88. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.22. The stock’s fifty day moving average is $33.58 and its two-hundred day moving average is $30.47. The stock has a market capitalization of $568.54 million, a price-to-earnings ratio of 17.87 and a beta of 1.00.
Insider Activity at Peapack-Gladstone Financial
In other Peapack-Gladstone Financial news, EVP John P. Babcock sold 3,000 shares of the stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $32.29, for a total value of $96,870.00. Following the sale, the executive vice president now owns 49,155 shares of the company’s stock, valued at $1,587,214.95. This trade represents a 5.75 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 7.63% of the company’s stock.
Wall Street Analyst Weigh In
PGC has been the topic of several analyst reports. Keefe, Bruyette & Woods lifted their price target on shares of Peapack-Gladstone Financial from $38.00 to $44.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. Piper Sandler upgraded shares of Peapack-Gladstone Financial from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $30.00 to $35.00 in a report on Wednesday, October 23rd.
Get Our Latest Analysis on Peapack-Gladstone Financial
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 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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