Several hedge funds have increased their investments in Peapack-Gladstone Financial (PGC). Zurcher Kantonalbank raised its stake by 68.4%, now holding 3,324 shares worth $75,000. Denali Advisors bought shares valued at around $204,000 in the first quarter. BNP Paribas grew its holdings by 90.4%, now owning 8,399 shares, also valued at $204,000. Price T Rowe Associates increased its stake by 5.8%, currently holding 11,423 shares worth $278,000. Quest Partners raised its position by 150%, owning 15,745 shares valued at $357,000. Overall, institutional investors and hedge funds hold 72.75% of the stock.
Insider Transactions
In related news, EVP John P. Babcock sold 10,000 shares on September 5th for $26.89 each, totaling $268,900. He now owns 52,155 shares worth about $1.4 million. Insiders own 7.63% of the company.
Stock Performance
PGC stock opened at $28.63. Its 52-week range is $20.30 – $30.68. Key financial ratios include a quick ratio of 0.98, a current ratio of 0.98, and a debt-to-equity ratio of 0.23. The market cap is approximately $506.18 million, with a P/E ratio of 15.16.
In its last earnings report on July 23, PGC reported $0.42 EPS, meeting expectations. Revenue was $100.79 million, surpassing estimates of $56.80 million. Analysts predict PGC will earn $1.75 EPS for the year.
Analyst Ratings
Keefe, Bruyette & Woods has an “outperform” rating with a price target increased to $32 from $28.
About Peapack-Gladstone Financial
Peapack-Gladstone Financial Corporation is the bank holding company for Peapack-Gladstone Bank, offering private banking and wealth management services in the U.S.
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