Elizabeth Park Capital Advisors Ltd. Reduces Stake in Peapack-Gladstone Financial Co. (NASDAQ:PGC)

Elizabeth Park Capital Advisors Ltd. lowered its stake in shares of Peapack-Gladstone Financial Co. (NASDAQ:PGC) by 19.3% in the 2nd quarter, HoldingsChannel reports. The firm owned 86,980 shares of the financial services provider’s stock after selling 20,838 shares during the quarter. Elizabeth Park Capital Advisors Ltd.’s holdings in Peapack-Gladstone Financial were worth $1,970,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently modified their holdings of the company. AQR Capital Management LLC increased its stake in shares of Peapack-Gladstone Financial by 45.6% in the second quarter. AQR Capital Management LLC now owns 95,930 shares of the financial services provider’s stock worth $2,173,000 after purchasing an additional 30,031 shares in the last quarter. Squarepoint Ops LLC purchased a new position in Peapack-Gladstone Financial in the 2nd quarter valued at approximately $626,000. Cubist Systematic Strategies LLC bought a new stake in Peapack-Gladstone Financial during the 2nd quarter valued at $223,000. Sei Investments Co. purchased a new stake in shares of Peapack-Gladstone Financial during the second quarter worth $214,000. Finally, Salzhauer Michael boosted its holdings in shares of Peapack-Gladstone Financial by 5.1% in the second quarter. Salzhauer Michael now owns 152,339 shares of the financial services provider’s stock worth $3,450,000 after acquiring an additional 7,429 shares during the period. Institutional investors own 72.75% of the company’s stock.

Insider Buying and Selling at Peapack-Gladstone Financial

In other news, EVP John P. Babcock sold 10,000 shares of the business’s stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $26.89, for a total transaction of $268,900.00. Following the completion of the transaction, the executive vice president now owns 52,155 shares of the company’s stock, valued at $1,402,447.95. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 7.63% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $32.00 price objective (up from $28.00) on shares of Peapack-Gladstone Financial in a research note on Monday, July 29th.

Peapack-Gladstone Financial Stock Performance

Peapack-Gladstone Financial stock opened at $26.57 on Thursday. Peapack-Gladstone Financial Co. has a 1-year low of $20.30 and a 1-year high of $30.68. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.23. The firm has a market capitalization of $469.76 million, a PE ratio of 12.19 and a beta of 0.99. The firm’s 50 day simple moving average is $26.92 and its 200 day simple moving average is $24.30.

Peapack-Gladstone Financial (NASDAQ:PGC) last released its quarterly earnings results on Tuesday, July 23rd. The financial services provider reported $0.42 earnings per share for the quarter, hitting the consensus estimate of $0.42. The firm had revenue of $100.79 million for the quarter, compared to analysts’ expectations of $56.80 million. Peapack-Gladstone Financial had a net margin of 8.50% and a return on equity of 5.91%. As a group, analysts expect that Peapack-Gladstone Financial Co. will post 1.68 earnings per share for the current fiscal year.

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.