Peapack-Gladstone Financial Co. (NASDAQ:PGC) Position Reduced by Bank of New York Mellon Corp

Bank of New York Mellon Corp trimmed its stake in Peapack-Gladstone Financial Co. (NASDAQ:PGC) by 1.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 98,723 shares of the financial services provider’s stock after selling 1,683 shares during the period. Bank of New York Mellon Corp owned approximately 0.51% of Peapack-Gladstone Financial worth $2,776,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. SG Americas Securities LLC acquired a new stake in shares of Peapack-Gladstone Financial in the first quarter valued at about $120,000. Rhumbline Advisers lifted its stake in shares of Peapack-Gladstone Financial by 1.6% in the first quarter. Rhumbline Advisers now owns 26,318 shares of the financial services provider’s stock valued at $690,000 after purchasing an additional 417 shares during the period. US Bancorp DE lifted its stake in shares of Peapack-Gladstone Financial by 4.2% in the first quarter. US Bancorp DE now owns 11,149 shares of the financial services provider’s stock valued at $292,000 after purchasing an additional 445 shares during the period. Acadian Asset Management LLC lifted its stake in shares of Peapack-Gladstone Financial by 167.5% in the first quarter. Acadian Asset Management LLC now owns 33,944 shares of the financial services provider’s stock valued at $890,000 after purchasing an additional 21,256 shares during the period. Finally, Siena Capital Partners GP LLC lifted its stake in shares of Peapack-Gladstone Financial by 0.8% in the second quarter. Siena Capital Partners GP LLC now owns 153,209 shares of the financial services provider’s stock valued at $4,308,000 after purchasing an additional 1,200 shares during the period. 72.64% of the stock is currently owned by hedge funds and other institutional investors.

In other Peapack-Gladstone Financial news, EVP John P. Babcock sold 2,000 shares of Peapack-Gladstone Financial stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $28.91, for a total transaction of $57,820.00. Following the transaction, the executive vice president now directly owns 41,620 shares of the company’s stock, valued at $1,203,234.20. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Eric H. Waser sold 1,500 shares of the business’s stock in a transaction on Monday, October 7th. The stock was sold at an average price of $27.46, for a total transaction of $41,190.00. Following the transaction, the executive vice president now directly owns 21,441 shares in the company, valued at $588,769.86. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 16,000 shares of company stock valued at $445,305. 4.13% of the stock is owned by insiders.

Shares of NASDAQ PGC traded up $0.02 during midday trading on Friday, reaching $27.00. 108,534 shares of the stock were exchanged, compared to its average volume of 56,621. The company has a market capitalization of $525.42 million, a P/E ratio of 11.69, a P/E/G ratio of 2.00 and a beta of 0.98. Peapack-Gladstone Financial Co. has a 52-week low of $23.96 and a 52-week high of $30.60. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.40. The stock has a 50 day moving average price of $28.14 and a 200-day moving average price of $27.79.

Peapack-Gladstone Financial (NASDAQ:PGC) last issued its quarterly earnings results on Friday, July 26th. The financial services provider reported $0.59 EPS for the quarter, missing analysts’ consensus estimates of $0.61 by ($0.02). Peapack-Gladstone Financial had a return on equity of 9.36% and a net margin of 20.28%. The firm had revenue of $42.29 million for the quarter, compared to analysts’ expectations of $42.92 million. On average, analysts forecast that Peapack-Gladstone Financial Co. will post 2.38 earnings per share for the current year.

Several research firms have weighed in on PGC. ValuEngine upgraded shares of Peapack-Gladstone Financial from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. BidaskClub downgraded shares of Peapack-Gladstone Financial from a “buy” rating to a “hold” rating in a report on Friday, September 13th. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $36.50.

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 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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Institutional Ownership by Quarter for Peapack-Gladstone Financial (NASDAQ:PGC)

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