Insider Trading and Performance Metrics: A Look at Peapack-Gladstone Financial (PGC)

On May 18, 2023, equities researchers at StockNews.com began coverage on shares of Peapack-Gladstone Financial (NASDAQ:PGC) in a research report that set a “hold” rating on the financial services provider’s stock. As a bank holding company, Peapack-Gladstone Financial Corp. provides private banking services to businesses, non-profits, and consumers through its Banking and Peapack Private segments.

While the firm did not indicate any significant developments for PGC regarding its operations or services, recent insider trading activity may offer some insights into the outlook for the stock. In March of 2023, EVP John P. Babcock sold 5,000 shares of PGC’s stock at an average price of $30.59, netting $152,950 in proceeds. However, Mr. Babcock still holds more than 71,000 shares of the company’s stock valued at over $2 million.

In contrast to Mr. Babcock’s selling activity, in April 2023 COO Robert A. Plante bought 1,500 shares of PGC at an average cost per share of $26.60 for a total purchase amount of $39,900. Following this acquisition transaction completion last month Mr Plante now has approximately $105k worth of PGC share holdings.

Overall trading activity this quarter has seen insiders purchasing roughly 6k shares worth just under $193k which constitutes around 7% ownership currently held by insiders which may suggest their ongoing confidence with regards to continuing bullishness on performance.

Looking forward amidst ever-fierce competition in the financial service industry from other giant players (both traditional banking-centric providers as well as FinTechs), traders should focus on both insider movements along with performance metrics as quarterly financials continue to be announced over time – while these long term larger sector trends are always hard to predict precisely it does remain clear that a thorough review of deeper company fundamentals alongside key earnings and assets will help give context for success in the continued investment of PGC.

Keefe, Bruyette & Woods Reduces Price Target on Peapack-Gladstone Financial, But Large Investors Remain Confident

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On May 18, 2023, it was reported that Keefe, Bruyette & Woods had reduced their price target on Peapack-Gladstone Financial from $48.00 to $43.00 and set an “outperform” rating for the company in a research report on Thursday, April 6th. This news caused shares of NASDAQ PGC to open at $27.11 on Thursday.

Peapack-Gladstone Financial has had a volatile year, with a 12-month low of $22.88 and a 12-month high of $42.19. The financial services provider currently has a market cap of $488.52 million, a PE ratio of 6.30 and a beta of 1.03.

Despite the company’s recent struggles, several large investors have recently modified their holdings of Peapack-Gladstone Financial’s stock. Susquehanna International Group LLP acquired a new stake worth $355,000 during the first quarter, while State Street Corp increased its stake in the company by purchasing an additional 13,682 shares in the last quarter.

Geode Capital Management LLC also lifted its stake in Peapack-Gladstone Financial by 3.4% during the first quarter and now owns over 323,929 shares valued at approximately $9,595,000.

Graham Capital Management L.P and HBK Sorce Advisory LLC also recently acquired new positions in shares of Peapack-Gladstone Financial worth around $551,000 and $471,000 respectively.

Overall, despite recent challenges faced by Peapack-Gladstone Financial, it appears that large investors remain confident in the potential for growth within the financial services industry as a whole.

Although uncertainty remains around how recent events will impact stock prices short-term going forward (including interest rate hikes impacting brokerage firms) long-term gains could be possible if companies like Peapack-Gladstone Financial make wise investment decisions to adapt in an ever-changing industry.