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

Peapack-Gladstone Financial Corporation (NASDAQ:PGC)’s stock price reached a new 52-week high on Wednesday . The stock traded as high as $36.03 and last traded at $35.78, with a volume of 22931 shares changing hands. The stock had previously closed at $35.21.

Analysts Set New Price Targets

Several brokerages have recently weighed in on PGC. Piper Sandler increased their target price on shares of Peapack-Gladstone Financial from $39.00 to $41.00 and gave the company an “overweight” rating in a research note on Thursday. Weiss Ratings reiterated a “hold (c)” rating on shares of Peapack-Gladstone Financial in a report on Thursday, January 22nd. Finally, Keefe, Bruyette & Woods increased their price objective on shares of Peapack-Gladstone Financial from $35.00 to $40.00 and gave the stock an “outperform” rating in a research report on Monday, February 2nd. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, Peapack-Gladstone Financial has an average rating of “Moderate Buy” and an average target price of $40.00.

Peapack-Gladstone Financial Trading Up 1.3%

The stock has a market capitalization of $636.21 million, a P/E ratio of 17.16 and a beta of 0.63. The stock’s fifty day moving average price is $33.70 and its 200 day moving average price is $29.80. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.96 and a quick ratio of 0.96.

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

Insider Buying and Selling at Peapack-Gladstone Financial

In related news, EVP Maureen Hemhauser sold 5,272 shares of the business’s stock in a transaction that occurred on Monday, February 9th. The stock was sold at an average price of $35.59, for a total value of $187,630.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 5.75% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of PGC. Royal Bank of Canada lifted its holdings in shares of Peapack-Gladstone Financial by 40.4% in the 1st quarter. Royal Bank of Canada now owns 10,675 shares of the financial services provider’s stock worth $302,000 after buying an additional 3,070 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of 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 valued at $282,000 after buying an additional 390 shares during the period. Empowered Funds LLC raised its holdings in shares of Peapack-Gladstone Financial by 8.5% in the first quarter. Empowered Funds LLC now owns 55,450 shares of the financial services provider’s stock valued at $1,575,000 after acquiring an additional 4,329 shares in the last quarter. Jane Street Group LLC raised its holdings in shares of Peapack-Gladstone Financial by 119.7% in the first quarter. Jane Street Group LLC now owns 52,173 shares of the financial services provider’s stock valued at $1,482,000 after acquiring an additional 28,428 shares in the last quarter. Finally, Legal & General Group Plc lifted its stake in Peapack-Gladstone Financial by 13.9% in the second quarter. Legal & General Group Plc now owns 15,898 shares of the financial services provider’s stock worth $449,000 after acquiring an additional 1,945 shares during the period. 72.75% of the stock is currently owned by hedge funds and other institutional investors.

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.