BlackRock Trims Peapack Gladstone Stake to 5.9%
Ticker: PGC · Form: SC 13G/A · Filed: Jan 25, 2024 · CIK: 1050743
| Field | Detail |
|---|---|
| Company | Peapack Gladstone Financial Corp (PGC) |
| Form Type | SC 13G/A |
| Filed Date | Jan 25, 2024 |
| Risk Level | low |
| Sentiment | neutral |
Complexity: simple
Sentiment: neutral
Topics: institutional-ownership, amendment, stake-change
TL;DR
**BlackRock cut its stake in Peapack Gladstone to 5.9%, down from 6.3%.**
AI Summary
BlackRock Inc. filed an amended SC 13G/A on January 25, 2024, indicating a change in its ownership of Peapack Gladstone Financial Corp. As of December 31, 2023, BlackRock reported beneficial ownership of 1,061,908 shares, representing 5.9% of the company's Common Stock. This is a decrease from their previous filing, where they held 1,142,476 shares or 6.3% of the company. This matters to investors because BlackRock, a major institutional investor, has slightly reduced its stake, which could signal a minor shift in their outlook on the stock, though they remain a significant shareholder.
Why It Matters
A decrease in a major institutional investor's stake, like BlackRock's, can sometimes be interpreted as a slight loss of confidence or a portfolio rebalancing, which could influence other investors' perceptions of Peapack Gladstone Financial Corp.
Risk Assessment
Risk Level: low — The change in ownership is a minor adjustment by a large institutional investor and does not indicate a significant shift in control or a major negative event for the company.
Analyst Insight
Investors should note BlackRock's slight reduction in stake but recognize they remain a major shareholder. This minor adjustment doesn't warrant immediate action but suggests monitoring future institutional ownership changes and the company's performance.
Key Numbers
- 1,061,908 — Shares Beneficially Owned (BlackRock's current holding in Peapack Gladstone Financial Corp.)
- 5.9% — Percentage of Class (BlackRock's current ownership percentage of Peapack Gladstone Financial Corp. Common Stock.)
- 1,142,476 — Previous Shares Owned (BlackRock's shares owned in the prior filing, indicating a decrease.)
- 6.3% — Previous Percentage of Class (BlackRock's previous ownership percentage, showing a reduction.)
Key Players & Entities
- BlackRock Inc. (company) — the reporting person who filed the SC 13G/A
- Peapack Gladstone Financial Corp (company) — the issuer whose securities are being reported
- 1,061,908 shares (dollar_amount) — the number of shares beneficially owned by BlackRock Inc. as of December 31, 2023
- 5.9% (dollar_amount) — the percentage of Common Stock beneficially owned by BlackRock Inc. as of December 31, 2023
- December 31, 2023 (date) — the date of the event requiring the filing of this statement
Forward-Looking Statements
- BlackRock will continue to hold a significant, but potentially fluctuating, stake in Peapack Gladstone Financial Corp. (BlackRock Inc.) — medium confidence, target: Next 12 months
FAQ
What is the purpose of this SC 13G/A filing?
This SC 13G/A filing is an amendment (Amendment No: 12) to a Schedule 13G, indicating a change in beneficial ownership of Common Stock in Peapack Gladstone Financial Corp by BlackRock, Inc. as of December 31, 2023.
Who is the reporting person in this filing and what company are they reporting on?
The reporting person is BlackRock, Inc., and they are reporting on their beneficial ownership of Common Stock in Peapack Gladstone Financial Corp.
What percentage of Peapack Gladstone Financial Corp's Common Stock does BlackRock Inc. beneficially own as of the filing date?
As of December 31, 2023, BlackRock Inc. beneficially owns 5.9% of Peapack Gladstone Financial Corp's Common Stock, which amounts to 1,061,908 shares.
Has BlackRock Inc.'s stake in Peapack Gladstone Financial Corp increased or decreased since its last filing?
BlackRock Inc.'s stake has decreased. The filing indicates a current beneficial ownership of 1,061,908 shares (5.9%), which is lower than the 1,142,476 shares (6.3%) reported in a previous filing (Amendment No: 11, not explicitly detailed in this excerpt but implied by the 'Amendment No: 12').
What rule under the Securities Exchange Act of 1934 is this Schedule 13G filed under?
This Schedule 13G is filed under Rule 13d-1(b) of the Securities Exchange Act of 1934, as indicated by the 'X' in the appropriate box.
Filing Details
This Form SC 13G/A (Form SC 13G/A) was filed with the SEC on January 25, 2024 regarding PEAPACK GLADSTONE FINANCIAL CORP (PGC).