Peapack-Gladstone Financial (NASDAQ:PGC) Hits New 1-Year High – Should You Buy?

Peapack-Gladstone Financial Corporation (NASDAQ:PGC) shares reached a new 52-week high on Thursday . The stock traded as high as $46.60 and last traded at $46.40, with a volume of 173993 shares. The stock had previously closed at $46.28.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on PGC. Weiss Ratings raised Peapack-Gladstone Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, May 12th. Piper Sandler upped 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. Three analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $40.50.

Peapack-Gladstone Financial Stock Performance

The firm has a market cap of $822.21 million, a P/E ratio of 18.71 and a beta of 0.72. The firm has a fifty day moving average of $42.73 and a 200-day moving average of $35.88.

Peapack-Gladstone Financial (NASDAQ:PGC) last issued its 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. 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 for the quarter, compared to analyst estimates of $79.17 million. Equities research analysts expect that Peapack-Gladstone Financial Corporation will post 3.69 earnings per share for the current year.

Insiders Place Their Bets

In other Peapack-Gladstone Financial 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 transaction of $89,260.00. Following the completion of the transaction, the director directly owned 11,742 shares of the company’s stock, valued at $524,045.46. The trade was a 14.55% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 5.75% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Peapack-Gladstone Financial

Hedge funds and other institutional investors have recently made changes to their positions in the business. Salzhauer Michael grew its holdings in Peapack-Gladstone Financial by 5.7% in the 4th quarter. Salzhauer Michael now owns 269,242 shares of the financial services provider’s stock worth $7,498,000 after buying an additional 14,612 shares in the last quarter. Greenwich Wealth Management LLC acquired a new stake in Peapack-Gladstone Financial in the 4th quarter valued at approximately $418,000. PL Capital Advisors LLC bought a new stake in Peapack-Gladstone Financial during the 4th quarter valued at $1,267,000. PNC Financial Services Group Inc. raised its stake in 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 in the last quarter. Finally, Gamco Investors INC. ET AL boosted its position in Peapack-Gladstone Financial by 5.3% during the 4th quarter. Gamco Investors INC. ET AL now owns 63,310 shares of the financial services provider’s stock worth $1,763,000 after acquiring an additional 3,200 shares during the period. 72.75% of the stock is currently owned by institutional investors and hedge funds.

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.