Peapack-Gladstone Financial Co. (PGC) Stake Increased by United Services Automobile Association

United Services Automobile Association lifted its stake in shares of Peapack-Gladstone Financial Co. (NASDAQ:PGC) by 65.7% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 63,819 shares of the financial services provider’s stock after acquiring an additional 25,300 shares during the quarter. United Services Automobile Association owned about 0.34% of Peapack-Gladstone Financial worth $2,208,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Northern Trust Corp boosted its stake in shares of Peapack-Gladstone Financial by 4.0% during the 2nd quarter. Northern Trust Corp now owns 236,468 shares of the financial services provider’s stock worth $8,180,000 after acquiring an additional 9,122 shares in the last quarter. California Public Employees Retirement System boosted its stake in Peapack-Gladstone Financial by 38.7% during the 2nd quarter. California Public Employees Retirement System now owns 38,725 shares of the financial services provider’s stock valued at $1,339,000 after purchasing an additional 10,811 shares during the period. Federated Investors Inc. PA boosted its stake in Peapack-Gladstone Financial by 163.7% during the 2nd quarter. Federated Investors Inc. PA now owns 120,860 shares of the financial services provider’s stock valued at $4,181,000 after purchasing an additional 75,030 shares during the period. Dimensional Fund Advisors LP boosted its stake in Peapack-Gladstone Financial by 14.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 959,595 shares of the financial services provider’s stock valued at $33,192,000 after purchasing an additional 124,523 shares during the period. Finally, BlackRock Inc. boosted its stake in Peapack-Gladstone Financial by 9.2% during the 2nd quarter. BlackRock Inc. now owns 1,180,069 shares of the financial services provider’s stock valued at $40,819,000 after purchasing an additional 99,002 shares during the period. Institutional investors own 72.05% of the company’s stock.

Shares of NASDAQ:PGC opened at $29.47 on Friday. Peapack-Gladstone Financial Co. has a twelve month low of $28.67 and a twelve month high of $38.00. The company has a market cap of $563.68 million, a P/E ratio of 13.36 and a beta of 0.82. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.31.

Peapack-Gladstone Financial (NASDAQ:PGC) last announced its earnings results on Friday, July 27th. The financial services provider reported $0.62 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.02. Peapack-Gladstone Financial had a return on equity of 10.15% and a net margin of 22.54%. The firm had revenue of $40.98 million during the quarter, compared to the consensus estimate of $40.89 million. On average, equities research analysts forecast that Peapack-Gladstone Financial Co. will post 2.42 earnings per share for the current fiscal year.

Several analysts recently weighed in on the company. Zacks Investment Research downgraded Peapack-Gladstone Financial from a “hold” rating to a “sell” rating in a research note on Wednesday, September 26th. FIG Partners restated an “outperform” rating on shares of Peapack-Gladstone Financial in a research note on Tuesday, July 24th. BidaskClub downgraded Peapack-Gladstone Financial from a “hold” rating to a “sell” rating in a research note on Friday, July 13th. Finally, ValuEngine downgraded Peapack-Gladstone Financial from a “hold” rating to a “sell” rating in a research note on Thursday, September 27th. Three research analysts have rated the stock with a sell rating and three have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $38.75.

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 Private Wealth Management. It offers checking and savings accounts, money market and interest-bearing checking accounts, certificates of deposit, and individual retirement accounts.

See Also: Earnings Per Share

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

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