Banc Funds Co. LLC reduced its position in Peapack-Gladstone Financial Corporation (NASDAQ:PGC) by 1.2% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,468,387 shares of the financial services provider’s stock after selling 18,300 shares during the quarter. Peapack-Gladstone Financial Corporation comprises approximately 2.1% of Banc Funds Co. LLC’s investment portfolio, making the stock its 4th biggest holding. Banc Funds Co. LLC owned about 8.39% of Peapack-Gladstone Financial Corporation worth $45,946,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Wells Fargo & Company MN grew its holdings in Peapack-Gladstone Financial Corporation by 1.5% in the second quarter. Wells Fargo & Company MN now owns 11,323 shares of the financial services provider’s stock worth $354,000 after purchasing an additional 168 shares during the last quarter. California Public Employees Retirement System grew its holdings in Peapack-Gladstone Financial Corporation by 3.0% in the second quarter. California Public Employees Retirement System now owns 34,765 shares of the financial services provider’s stock worth $1,088,000 after purchasing an additional 1,000 shares during the last quarter. Russell Investments Group Ltd. grew its holdings in Peapack-Gladstone Financial Corporation by 1.7% in the second quarter. Russell Investments Group Ltd. now owns 65,047 shares of the financial services provider’s stock worth $2,035,000 after purchasing an additional 1,094 shares during the last quarter. Rhumbline Advisers grew its holdings in Peapack-Gladstone Financial Corporation by 10.4% in the second quarter. Rhumbline Advisers now owns 19,153 shares of the financial services provider’s stock worth $599,000 after purchasing an additional 1,800 shares during the last quarter. Finally, TIAA CREF Investment Management LLC grew its holdings in Peapack-Gladstone Financial Corporation by 2.7% in the second quarter. TIAA CREF Investment Management LLC now owns 72,281 shares of the financial services provider’s stock worth $2,262,000 after purchasing an additional 1,891 shares during the last quarter. 67.86% of the stock is currently owned by institutional investors and hedge funds.

Peapack-Gladstone Financial Corporation (NASDAQ:PGC) last announced its quarterly earnings data on Friday, July 28th. The financial services provider reported $0.45 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.44 by $0.01. Peapack-Gladstone Financial Corporation had a net margin of 19.54% and a return on equity of 9.12%. The business had revenue of $35.14 million for the quarter.

Several research firms have issued reports on PGC. BidaskClub lowered shares of Peapack-Gladstone Financial Corporation from a “hold” rating to a “sell” rating in a report on Friday, September 8th. ValuEngine raised shares of Peapack-Gladstone Financial Corporation from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Finally, Keefe, Bruyette & Woods began coverage on shares of Peapack-Gladstone Financial Corporation in a report on Monday, July 17th. They issued an “outperform” rating and a $38.00 price target on the stock. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $32.00.

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About Peapack-Gladstone Financial Corporation

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.

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

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