Hedge Funds Have This To Say About Peapack-Gladstone Financial Corp (PGC)

Seeing as Peapack-Gladstone Financial Corp (NASDAQ:PGC) has experienced declining sentiment from the entirety of the hedge funds we track, it’s easy to see that there exists a select few funds who sold off their full holdings in the third quarter. It’s worth mentioning that Lawrence Seidman’s Seidman Investment Partnership dumped the biggest position of the “upper crust” of funds studied by Insider Monkey, comprising close to $0.3 million in stock. Joshua Nash’s fund, Ulysses Management, also cut its stock, about $0.1 million worth.

Let’s check out hedge fund activity in other stocks similar to Peapack-Gladstone Financial Corp (NASDAQ:PGC). We will take a look at China Cord Blood Corp (NYSE:CO), Atlantic Capital Bancshares Inc (NASDAQ:ACBI), Regenxbio Inc (NASDAQ:RGNX), and U.S. Lime & Minerals Inc. (NASDAQ:USLM). All of these stocks’ market caps are closest to PGC’s market cap.

As you can see these stocks had an average of 7 hedge funds with bullish positions and the average amount invested in these stocks was $38 million. That figure was $78 million in PGC’s case. Regenxbio Inc (NASDAQ:RGNX) is the most popular stock in this table. On the other hand U.S. Lime & Minerals Inc. (NASDAQ:USLM) is the least popular one with only 4 bullish hedge fund positions. Peapack-Gladstone Financial Corp (NASDAQ:PGC) is not the most popular stock in this group but hedge fund interest is still above average. This is a slightly positive signal but we’d rather spend our time researching stocks that hedge funds are piling on. In this regard RGNX might be a better candidate to consider taking a long position in.

Disclosure: None