Franklin Resources Inc. Invests $336,000 in Peapack-Gladstone Financial Co. (NASDAQ:PGC)

Franklin Resources Inc. bought a new stake in Peapack-Gladstone Financial Co. (NASDAQ:PGC) during the fourth quarter, Holdings Channel.com reports. The firm bought 10,472 shares of the financial services provider’s stock, valued at approximately $336,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of PGC. Jane Street Group LLC boosted its stake in Peapack-Gladstone Financial by 1.6% during the third quarter. Jane Street Group LLC now owns 23,998 shares of the financial services provider’s stock valued at $658,000 after buying an additional 387 shares in the last quarter. Victory Capital Management Inc. boosted its stake in Peapack-Gladstone Financial by 1.6% in the 4th quarter. Victory Capital Management Inc. now owns 35,567 shares of the financial services provider’s stock worth $1,140,000 after purchasing an additional 567 shares during the period. Charles Schwab Investment Management Inc. raised its position in Peapack-Gladstone Financial by 0.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 129,982 shares of the financial services provider’s stock valued at $4,166,000 after buying an additional 895 shares during the period. Albion Financial Group UT purchased a new stake in shares of Peapack-Gladstone Financial during the fourth quarter worth $35,000. Finally, LPL Financial LLC lifted its stake in Peapack-Gladstone Financial by 18.7% in the fourth quarter. LPL Financial LLC now owns 14,652 shares of the financial services provider’s stock valued at $470,000 after acquiring an additional 2,304 shares during the last quarter. Institutional investors own 72.75% of the company’s stock.

Peapack-Gladstone Financial Trading Up 1.0 %

Shares of Peapack-Gladstone Financial stock opened at $26.09 on Friday. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.22. The stock has a market capitalization of $459.08 million, a P/E ratio of 14.10 and a beta of 0.82. Peapack-Gladstone Financial Co. has a 12-month low of $20.30 and a 12-month high of $37.88. The company has a 50-day simple moving average of $29.38 and a 200 day simple moving average of $31.69.

Peapack-Gladstone Financial (NASDAQ:PGC) last released its quarterly earnings results on Tuesday, January 28th. The financial services provider reported $0.52 EPS for the quarter, beating the consensus estimate of $0.45 by $0.07. Peapack-Gladstone Financial had a net margin of 8.11% and a return on equity of 5.57%. Research analysts expect that Peapack-Gladstone Financial Co. will post 2.71 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Separately, Raymond James assumed coverage on shares of Peapack-Gladstone Financial in a research note on Friday, April 11th. They issued a “strong-buy” rating and a $39.00 price objective for the company.

Insider Buying and Selling at Peapack-Gladstone Financial

In other news, Director F Duffield Meyercord purchased 6,316 shares of the company’s stock in a transaction on Monday, March 31st. The shares were purchased at an average price of $28.44 per share, with a total value of $179,627.04. Following the purchase, the director now directly owns 140,372 shares of the company’s stock, valued at $3,992,179.68. This trade represents a 4.71 % increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Douglas L. Kennedy sold 20,000 shares of the company’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $28.91, for a total value of $578,200.00. Following the transaction, the chief executive officer now directly owns 43,703 shares of the company’s stock, valued at approximately $1,263,453.73. This trade represents a 31.40 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 57,633 shares of company stock valued at $1,716,024. 7.63% of the stock is currently owned by insiders.

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.