Peapack-Gladstone Financial (NASDAQ:PGC) Reaches New 52-Week High – Here’s Why

Shares of Peapack-Gladstone Financial Corporation (NASDAQ:PGC) reached a new 52-week high on Thursday . The company traded as high as $46.00 and last traded at $45.57, with a volume of 113442 shares. The stock had previously closed at $45.17.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on PGC. Piper Sandler lifted their target price on shares of Peapack-Gladstone Financial from $39.00 to $41.00 and gave the company an “overweight” rating in a report on Thursday, April 2nd. Weiss Ratings upgraded shares of Peapack-Gladstone Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, May 12th. Three investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $40.50.

Peapack-Gladstone Financial Stock Performance

The company has a market capitalization of $807.50 million, a PE ratio of 18.38 and a beta of 0.72. The firm’s 50-day simple moving average is $41.09 and its 200 day simple moving average is $34.60.

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

Peapack-Gladstone Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 21st. Investors of record on Thursday, May 7th were given a $0.05 dividend. The ex-dividend date was Thursday, May 7th. This represents a $0.20 annualized dividend and a dividend yield of 0.4%. Peapack-Gladstone Financial’s payout ratio is currently 8.06%.

Insider Activity at Peapack-Gladstone Financial

In related news, Director Anthony W. Spinelli sold 2,000 shares of the business’s stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $44.63, for a total value of $89,260.00. Following the sale, the director directly owned 11,742 shares in the company, valued at $524,045.46. The trade was a 14.55% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 5.75% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in PGC. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Peapack-Gladstone Financial by 4.1% during the first 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% during the 4th quarter. Azora Capital LP now owns 11,058 shares of the financial services provider’s stock valued at $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% during the 4th quarter. PNC Financial Services Group Inc. now owns 65,766 shares of the financial services provider’s stock valued at $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% during the 3rd quarter. Rafferty Asset Management LLC now owns 16,405 shares of the financial services provider’s stock valued at $453,000 after acquiring an additional 526 shares during the last quarter. Finally, Royal Bank of Canada increased its stake in shares of Peapack-Gladstone Financial by 73.2% during the 1st quarter. Royal Bank of Canada now owns 1,252 shares of the financial services provider’s stock valued at $44,000 after acquiring an additional 529 shares during the last quarter. Institutional investors and hedge funds own 72.75% of the company’s stock.

Peapack-Gladstone Financial Company Profile

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.