Peapack-Gladstone Financial (NASDAQ:PGC) Hits New 12-Month High – Here’s What Happened

Peapack-Gladstone Financial Corporation (NASDAQ:PGC)’s stock price hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $36.84 and last traded at $36.73, with a volume of 100128 shares trading hands. The stock had previously closed at $36.21.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on PGC. Piper Sandler increased their target price on Peapack-Gladstone Financial from $39.00 to $41.00 and gave the company an “overweight” rating in a research report on Thursday, April 2nd. Keefe, Bruyette & Woods increased their target price on Peapack-Gladstone Financial from $35.00 to $40.00 and gave the company an “outperform” rating in a research report on Monday, February 2nd. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Peapack-Gladstone Financial in a research report on Thursday, January 22nd. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $40.00.

Peapack-Gladstone Financial Trading Up 2.0%

The company has a 50 day moving average of $34.30 and a 200 day moving average of $30.01. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.96 and a current ratio of 0.96. The stock has a market capitalization of $663.97 million, a price-to-earnings ratio of 17.91 and a beta of 0.63.

Peapack-Gladstone Financial (NASDAQ:PGC) last posted its quarterly earnings data on Thursday, January 29th. The financial services provider reported $0.69 EPS for the quarter. Peapack-Gladstone Financial had a return on equity of 5.85% and a net margin of 8.40%.The firm had revenue of $77.67 million during the quarter. On average, research analysts predict that Peapack-Gladstone Financial Corporation will post 2.71 EPS for the current fiscal year.

Insider Buying and Selling

In related news, EVP Maureen Hemhauser sold 5,272 shares of the stock in a transaction on Monday, February 9th. The stock was sold at an average price of $35.59, for a total value of $187,630.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 5.75% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Peapack-Gladstone Financial by 4.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,939 shares of the financial services provider’s stock worth $282,000 after acquiring an additional 390 shares during the last quarter. Azora Capital LP increased its stake in shares of Peapack-Gladstone Financial by 4.1% in the 4th quarter. Azora Capital LP now owns 11,058 shares of the financial services provider’s stock worth $308,000 after acquiring an additional 431 shares during the last quarter. PNC Financial Services Group Inc. increased its stake in shares of Peapack-Gladstone Financial by 0.8% in the 4th quarter. PNC Financial Services Group Inc. now owns 65,766 shares of the financial services provider’s stock worth $1,832,000 after acquiring an additional 500 shares during the last quarter. Rafferty Asset Management LLC increased its stake in shares of Peapack-Gladstone Financial by 3.3% in the 3rd quarter. Rafferty Asset Management LLC now owns 16,405 shares of the financial services provider’s stock worth $453,000 after acquiring an additional 526 shares during the last quarter. Finally, First Trust Advisors LP increased its stake in shares of Peapack-Gladstone Financial by 7.2% in the 2nd quarter. First Trust Advisors LP now owns 11,361 shares of the financial services provider’s stock worth $321,000 after acquiring an additional 763 shares during the last quarter. 72.75% of the stock is owned by institutional investors and hedge funds.

About Peapack-Gladstone Financial

Peapack-Gladstone Financial Corporation is the parent company of Peapack-Gladstone Bank, a New Jersey-chartered commercial bank headquartered in Bedminster, New Jersey, that trades on the NASDAQ under the symbol PGC. Through Peapack-Gladstone Bank, the company offers a broad range of deposit and lending solutions, including checking and savings accounts, residential and commercial real estate loans, lines of credit and treasury management services. Clients benefit from both in-branch relationship banking and an expanding suite of digital banking tools designed to support personal and business financial needs.

Complementing its core banking operations, Peapack-Gladstone Financial provides wealth management, trust and financial planning services through its subsidiary, Peapack-Gladstone Wealth Management.