Cornerstone Capital Management Holdings LLC. Trims Position in Peapack-Gladstone Financial Corp (PGC)

Cornerstone Capital Management Holdings LLC. lessened its holdings in Peapack-Gladstone Financial Corp (NASDAQ:PGC) by 7.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 56,574 shares of the financial services provider’s stock after selling 4,300 shares during the quarter. Cornerstone Capital Management Holdings LLC. owned 0.31% of Peapack-Gladstone Financial worth $1,907,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the business. Wells Fargo & Company MN increased its holdings in Peapack-Gladstone Financial by 1.5% in the 2nd quarter. Wells Fargo & Company MN now owns 11,323 shares of the financial services provider’s stock valued at $354,000 after buying an additional 168 shares during the period. California Public Employees Retirement System boosted its stake in shares of Peapack-Gladstone Financial by 3.0% in the 2nd quarter. California Public Employees Retirement System now owns 34,765 shares of the financial services provider’s stock valued at $1,088,000 after purchasing an additional 1,000 shares in the last quarter. The Manufacturers Life Insurance Company boosted its stake in shares of Peapack-Gladstone Financial by 8.4% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 13,840 shares of the financial services provider’s stock valued at $433,000 after purchasing an additional 1,076 shares in the last quarter. Russell Investments Group Ltd. boosted its stake in shares of Peapack-Gladstone Financial by 1.7% in the 2nd quarter. Russell Investments Group Ltd. now owns 65,047 shares of the financial services provider’s stock valued at $2,035,000 after purchasing an additional 1,094 shares in the last quarter. Finally, Rhumbline Advisers boosted its stake in shares of Peapack-Gladstone Financial by 10.4% in the 2nd quarter. Rhumbline Advisers now owns 19,153 shares of the financial services provider’s stock valued at $599,000 after purchasing an additional 1,800 shares in the last quarter. 69.48% of the stock is currently owned by hedge funds and other institutional investors.

Several brokerages have recently commented on PGC. ValuEngine downgraded shares of Peapack-Gladstone Financial from a “buy” rating to a “hold” rating in a research note on Tuesday, November 14th. Keefe, Bruyette & Woods restated a “buy” rating and issued a $38.50 target price on shares of Peapack-Gladstone Financial in a research note on Thursday, October 26th. Finally, BidaskClub upgraded shares of Peapack-Gladstone Financial from a “hold” rating to a “buy” rating in a research note on Thursday, September 28th.

Shares of Peapack-Gladstone Financial Corp (NASDAQ:PGC) traded up $0.53 during trading hours on Friday, hitting $37.05. 72,444 shares of the stock traded hands, compared to its average volume of 63,437. Peapack-Gladstone Financial Corp has a 52 week low of $28.24 and a 52 week high of $37.30. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.02 and a quick ratio of 1.02. The firm has a market cap of $666.84, a P/E ratio of 19.50 and a beta of 0.99.

Peapack-Gladstone Financial (NASDAQ:PGC) last issued its earnings results on Friday, October 27th. The financial services provider reported $0.56 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.45 by $0.11. The company had revenue of $38.82 million for the quarter. Peapack-Gladstone Financial had a net margin of 20.36% and a return on equity of 9.54%.

In related news, Director James R. Lamb sold 1,000 shares of the company’s stock in a transaction dated Wednesday, December 6th. The shares were sold at an average price of $35.30, for a total transaction of $35,300.00. Following the transaction, the director now owns 21,756 shares in the company, valued at approximately $767,986.80. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In the last quarter, insiders have sold 2,060 shares of company stock worth $72,378. 5.89% of the stock is owned by corporate insiders.

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Peapack-Gladstone Financial Company Profile

Peapack-Gladstone Financial Corporation is a bank holding company. The Company’s principal subsidiary is Peapack-Gladstone Bank (the Bank), which is a state chartered commercial bank. The Company operates through two segments: Banking and Private Wealth Management Division. The Banking segment includes commercial, commercial real estate, multifamily, residential and consumer lending activities; deposit generation; operation of automated teller machines (ATMs); telephone and Internet banking services; merchant credit card services, and customer support sales.

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

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