Peapack-Gladstone Financial (NASDAQ:PGC) Sets New 12-Month High – Here’s Why

Peapack-Gladstone Financial Corporation (NASDAQ:PGC) shares hit a new 52-week high during trading on Tuesday . The company traded as high as $43.85 and last traded at $43.50, with a volume of 2789 shares changing hands. The stock had previously closed at $42.96.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. Weiss Ratings raised Peapack-Gladstone Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, May 12th. Piper Sandler increased their price target 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. Finally, Keefe, Bruyette & Woods raised their target price on Peapack-Gladstone Financial from $35.00 to $40.00 and gave the stock an “outperform” rating in a research report on Monday, February 2nd. Three analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $40.50.

Peapack-Gladstone Financial Price Performance

The company has a market cap of $769.23 million, a P/E ratio of 17.50 and a beta of 0.72. The company has a 50 day moving average of $38.76 and a 200-day moving average of $33.06.

Peapack-Gladstone Financial (NASDAQ:PGC) last issued its quarterly earnings results on Wednesday, April 22nd. The financial services provider reported $0.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.66 by $0.14. Peapack-Gladstone Financial had a return on equity of 6.75% and a net margin of 9.60%.The firm had revenue of $82.49 million during the quarter, compared to analyst estimates of $79.17 million. Research analysts anticipate that Peapack-Gladstone Financial Corporation will post 3.69 EPS for the current year.

Peapack-Gladstone Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, May 21st. Shareholders of record on Thursday, May 7th were paid a dividend of $0.05 per share. The ex-dividend date of this dividend was Thursday, May 7th. This represents a $0.20 annualized dividend and a yield of 0.5%. Peapack-Gladstone Financial’s payout ratio is 8.06%.

Institutional Investors Weigh In On Peapack-Gladstone Financial

Several hedge funds have recently added to or reduced their stakes in the company. Wellington Management Group LLP lifted its stake in shares of Peapack-Gladstone Financial by 67.0% in the 3rd quarter. Wellington Management Group LLP now owns 1,138,723 shares of the financial services provider’s stock valued at $31,429,000 after acquiring an additional 456,828 shares during the last quarter. Russell Investments Group Ltd. lifted its stake in shares of Peapack-Gladstone Financial by 255.0% in the 4th quarter. Russell Investments Group Ltd. now owns 108,782 shares of the financial services provider’s stock valued at $3,030,000 after acquiring an additional 78,135 shares during the last quarter. Millennium Management LLC lifted its stake in shares of Peapack-Gladstone Financial by 100.8% in the 4th quarter. Millennium Management LLC now owns 143,306 shares of the financial services provider’s stock valued at $3,991,000 after acquiring an additional 71,932 shares during the last quarter. Adage Capital Partners GP L.L.C. bought a new stake in shares of Peapack-Gladstone Financial in the 4th quarter valued at about $1,965,000. Finally, Walleye Capital LLC lifted its stake in shares of Peapack-Gladstone Financial by 525.8% in the 4th quarter. Walleye Capital LLC now owns 71,628 shares of the financial services provider’s stock valued at $1,995,000 after acquiring an additional 60,183 shares during the last quarter. Institutional investors own 72.75% of the company’s stock.

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.