Peapack-Gladstone Financial (NASDAQ:PGC) Hits New 52-Week High on Analyst Upgrade

Peapack-Gladstone Financial Corporation (NASDAQ:PGC) shares reached a new 52-week high during trading on Wednesday after Raymond James Financial raised their price target on the stock from $49.00 to $55.00. Raymond James Financial currently has a strong-buy rating on the stock. Peapack-Gladstone Financial traded as high as $48.48 and last traded at $48.10, with a volume of 29086 shares traded. The stock had previously closed at $47.33.

Other equities analysts also recently issued reports about the stock. Zacks Research upgraded shares of Peapack-Gladstone Financial from a “hold” rating to a “strong-buy” rating in a report on Friday, June 26th. Piper Sandler lifted their price target on shares of Peapack-Gladstone Financial from $50.00 to $54.00 and gave the stock an “overweight” rating in a report on Friday, June 26th. Finally, Weiss Ratings upgraded Peapack-Gladstone Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, May 12th. Two analysts have rated the stock with a Strong Buy rating and three have assigned a Buy rating to the company’s stock. According to data from MarketBeat.com, Peapack-Gladstone Financial presently has an average rating of “Buy” and an average price target of $49.67.

Insider Buying and Selling

In other Peapack-Gladstone Financial news, EVP Lisa Chalkan sold 1,100 shares of the business’s stock in a transaction dated Monday, June 29th. The stock was sold at an average price of $47.60, for a total transaction of $52,360.00. Following the sale, the executive vice president owned 26,075 shares in the company, valued at approximately $1,241,170. The trade was a 4.05% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Anthony W. Spinelli sold 2,000 shares of the 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 completion of the transaction, the director directly owned 11,742 shares in the company, valued at $524,045.46. This represents a 14.55% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 8,100 shares of company stock worth $377,170 in the last 90 days. Insiders own 5.75% of the company’s stock.

Hedge Funds Weigh In On Peapack-Gladstone Financial

Hedge funds and other institutional investors have recently bought and sold shares of the business. Wellington Management Group LLP raised its position in Peapack-Gladstone Financial by 67.0% during the 3rd quarter. Wellington Management Group LLP now owns 1,138,723 shares of the financial services provider’s stock worth $31,429,000 after buying an additional 456,828 shares during the last quarter. Russell Investments Group Ltd. boosted its holdings 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 increased its stake in shares of Peapack-Gladstone Financial by 100.8% in the fourth quarter. Millennium Management LLC now owns 143,306 shares of the financial services provider’s stock worth $3,991,000 after acquiring an additional 71,932 shares during the period. Adage Capital Partners GP L.L.C. acquired a new stake in shares of Peapack-Gladstone Financial in the fourth quarter worth $1,965,000. Finally, Walleye Capital LLC raised its holdings in shares of Peapack-Gladstone Financial by 525.8% during the fourth quarter. Walleye Capital LLC now owns 71,628 shares of the financial services provider’s stock worth $1,995,000 after purchasing an additional 60,183 shares during the last quarter. Institutional investors and hedge funds own 72.75% of the company’s stock.

Peapack-Gladstone Financial Stock Up 2.6%

The company has a market capitalization of $860.84 million, a price-to-earnings ratio of 19.58 and a beta of 0.72. The business’s 50-day moving average is $43.39 and its 200-day moving average is $36.42.

Peapack-Gladstone Financial (NASDAQ:PGC) last announced its quarterly earnings results on Wednesday, April 22nd. The financial services provider reported $0.80 earnings per share 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 the consensus estimate of $79.17 million. Peapack-Gladstone Financial had a return on equity of 6.75% and a net margin of 9.60%. As a group, analysts expect that Peapack-Gladstone Financial Corporation will post 3.76 EPS for the current year.

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.