Peapack-Gladstone Financial (NASDAQ:PGC) Hits New 1-Year High – What’s Next?

Peapack-Gladstone Financial Corporation (NASDAQ:PGC)’s share price reached a new 52-week high on Wednesday . The stock traded as high as $35.87 and last traded at $35.2050, with a volume of 11107 shares. The stock had previously closed at $34.98.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on PGC. Weiss Ratings reiterated a “hold (c)” rating on shares of Peapack-Gladstone Financial in a research note on Thursday, January 22nd. Piper Sandler assumed coverage on Peapack-Gladstone Financial in a report on Monday, March 16th. They set an “overweight” rating and a $39.00 price target for the company. Finally, Keefe, Bruyette & Woods boosted their target price on shares of Peapack-Gladstone Financial from $35.00 to $40.00 and gave the company an “outperform” rating in a research report on Monday, February 2nd. Two investment analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $39.33.

Peapack-Gladstone Financial Price Performance

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 company has a market cap of $612.46 million, a price-to-earnings ratio of 16.52 and a beta of 0.70. The business has a fifty day moving average price of $32.92 and a 200 day moving average price of $29.51.

Peapack-Gladstone Financial (NASDAQ:PGC) last released its quarterly earnings data on Thursday, January 29th. The financial services provider reported $0.69 earnings per share for the quarter. Peapack-Gladstone Financial had a return on equity of 5.85% and a net margin of 8.40%.The business had revenue of $77.67 million for the quarter. As a group, research analysts anticipate that Peapack-Gladstone Financial Corporation will post 2.71 earnings per share for the current year.

Insider Activity at Peapack-Gladstone Financial

In other news, EVP Maureen Hemhauser sold 5,272 shares of the firm’s stock in a transaction that occurred on Monday, February 9th. The shares were 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 SEC, which is available through this hyperlink. Company insiders own 5.75% of the company’s stock.

Hedge Funds Weigh In On Peapack-Gladstone Financial

Institutional investors have recently added to or reduced their stakes in the stock. Wellington Management Group LLP lifted its stake in 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 purchasing an additional 456,828 shares during the last quarter. Salzhauer Michael grew its stake in shares of Peapack-Gladstone Financial by 79.2% during the third quarter. Salzhauer Michael now owns 254,630 shares of the financial services provider’s stock worth $7,028,000 after buying an additional 112,504 shares during the last quarter. Russell Investments Group Ltd. increased its holdings in shares of Peapack-Gladstone Financial by 255.0% during the fourth quarter. Russell Investments Group Ltd. now owns 108,782 shares of the financial services provider’s stock worth $3,030,000 after buying an additional 78,135 shares in 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. Finally, Adage Capital Partners GP L.L.C. bought a new position in shares of Peapack-Gladstone Financial in the 4th quarter valued at $1,965,000. 72.75% of the stock is currently 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.