Peapack-Gladstone Financial (NASDAQ:PGC) Sets New 12-Month High – Here’s Why

Shares of Peapack-Gladstone Financial Corporation (NASDAQ:PGC) hit a new 52-week high on Tuesday . The stock traded as high as $43.85 and last traded at $43.50, with a volume of 2789 shares traded. The stock had previously closed at $42.96.

Analyst Upgrades and Downgrades

PGC has been the subject of several recent analyst reports. Keefe, Bruyette & Woods upped their price objective on Peapack-Gladstone Financial from $35.00 to $40.00 and gave the stock an “outperform” rating in a research report on Monday, February 2nd. Weiss Ratings upgraded Peapack-Gladstone Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, May 12th. Finally, Piper Sandler upped their target price on Peapack-Gladstone Financial from $39.00 to $41.00 and gave the stock an “overweight” rating in a report on Thursday, April 2nd. Three investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $40.50.

Peapack-Gladstone Financial Stock Up 1.4%

The firm has a 50 day moving average of $38.76 and a 200 day moving average of $33.06. The firm has a market cap of $769.23 million, a price-to-earnings ratio of 17.50 and a beta of 0.72.

Peapack-Gladstone Financial (NASDAQ:PGC) last released 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 business had revenue of $82.49 million during the quarter, compared to analysts’ expectations of $79.17 million. Peapack-Gladstone Financial had a return on equity of 6.75% and a net margin of 9.60%. Equities analysts expect that Peapack-Gladstone Financial Corporation will post 3.69 EPS for the current year.

Peapack-Gladstone Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, May 21st. Stockholders of record on Thursday, May 7th were issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date was Thursday, May 7th. Peapack-Gladstone Financial’s dividend payout ratio (DPR) is currently 8.06%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the stock. Bank of America Corp DE lifted its holdings in shares of Peapack-Gladstone Financial by 18.9% in the first quarter. Bank of America Corp DE now owns 92,803 shares of the financial services provider’s stock valued at $3,268,000 after purchasing an additional 14,730 shares in the last quarter. Amundi purchased a new stake in shares of Peapack-Gladstone Financial during the first quarter valued at approximately $282,000. Royal Bank of Canada increased its position in shares of Peapack-Gladstone Financial by 73.2% during the first 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. Empowered Funds LLC increased its position in shares of Peapack-Gladstone Financial by 9.7% during the first quarter. Empowered Funds LLC now owns 75,445 shares of the financial services provider’s stock valued at $2,656,000 after acquiring an additional 6,686 shares during the last quarter. Finally, Quantinno Capital Management LP increased its position in shares of Peapack-Gladstone Financial by 14.7% during the first quarter. Quantinno Capital Management LP now owns 50,026 shares of the financial services provider’s stock valued at $1,761,000 after acquiring an additional 6,394 shares during the last quarter. Institutional investors 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.