Peapack-Gladstone Financial (NASDAQ:PGC) Hits New 12-Month High – Should You Buy?

Peapack-Gladstone Financial Corporation (NASDAQ:PGC)’s share price reached a new 52-week high on Thursday . The stock traded as high as $46.00 and last traded at $45.57, with a volume of 113442 shares traded. The stock had previously closed at $45.17.

Analyst Upgrades and Downgrades

PGC has been the topic of several analyst reports. Piper Sandler lifted their target price on shares of Peapack-Gladstone Financial from $39.00 to $41.00 and gave the stock an “overweight” rating in a research report on Thursday, April 2nd. Weiss Ratings raised shares of Peapack-Gladstone Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, May 12th. Three investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $40.50.

Peapack-Gladstone Financial Stock Up 0.3%

The stock’s 50-day moving average is $41.51 and its 200 day moving average is $34.82. The stock has a market capitalization of $819.55 million, a PE ratio of 18.65 and a beta of 0.72.

Peapack-Gladstone Financial (NASDAQ:PGC) last announced its quarterly earnings data on Wednesday, April 22nd. The financial services provider reported $0.80 EPS for the quarter, beating analysts’ consensus estimates of $0.66 by $0.14. Peapack-Gladstone Financial had a net margin of 9.60% and a return on equity of 6.75%. The firm had revenue of $82.49 million for the quarter, compared to the consensus estimate of $79.17 million. As a group, equities research analysts forecast that Peapack-Gladstone Financial Corporation will post 3.69 EPS for the current year.

Peapack-Gladstone Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 21st. Investors of record on Thursday, May 7th were given a dividend of $0.05 per share. The ex-dividend date of this dividend was Thursday, May 7th. This represents a $0.20 dividend on an annualized basis and a yield of 0.4%. Peapack-Gladstone Financial’s payout ratio is presently 8.06%.

Insider Buying and Selling

In related news, Director Anthony W. Spinelli sold 2,000 shares of the business’s stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $44.63, for a total transaction of $89,260.00. Following the transaction, the director directly owned 11,742 shares of the company’s stock, valued at approximately $524,045.46. The trade was a 14.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 5.75% of the company’s stock.

Institutional Trading of Peapack-Gladstone Financial

Institutional investors have recently added to or reduced their stakes in the business. Royal Bank of Canada lifted its stake in Peapack-Gladstone Financial by 73.2% in 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. Parallel Advisors LLC lifted its stake in Peapack-Gladstone Financial by 171.9% in the first quarter. Parallel Advisors LLC now owns 1,841 shares of the financial services provider’s stock valued at $65,000 after acquiring an additional 1,164 shares during the last quarter. OP Asset Management Ltd acquired a new stake in Peapack-Gladstone Financial in the first quarter valued at approximately $116,000. State of Alaska Department of Revenue lifted its stake in Peapack-Gladstone Financial by 431.5% in the fourth quarter. State of Alaska Department of Revenue now owns 3,768 shares of the financial services provider’s stock valued at $104,000 after acquiring an additional 3,059 shares during the last quarter. Finally, Aquatic Capital Management LLC lifted its stake in Peapack-Gladstone Financial by 23.1% in the third quarter. Aquatic Capital Management LLC now owns 5,240 shares of the financial services provider’s stock valued at $145,000 after acquiring an additional 985 shares during the last quarter. 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.