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

Peapack-Gladstone Financial Corporation (NASDAQ:PGC) shares hit a new 52-week high on Monday . The company traded as high as $35.52 and last traded at $35.1550, with a volume of 3970 shares changing hands. The stock had previously closed at $34.51.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on PGC. Zacks Research raised shares of Peapack-Gladstone Financial from a “strong sell” rating to a “hold” rating in a research note on Friday, October 17th. Keefe, Bruyette & Woods upped their target price on Peapack-Gladstone Financial from $35.00 to $40.00 and gave the stock an “outperform” rating in a report on Monday, February 2nd. Piper Sandler increased their price target on Peapack-Gladstone Financial from $30.00 to $32.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 10th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Peapack-Gladstone Financial in a report on Thursday, January 22nd. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Peapack-Gladstone Financial has an average rating of “Moderate Buy” and a consensus target price of $37.00.

Peapack-Gladstone Financial Stock Down 0.1%

The firm has a market capitalization of $618.15 million, a price-to-earnings ratio of 18.16 and a beta of 0.73. The company has a quick ratio of 0.96, a current ratio of 0.97 and a debt-to-equity ratio of 0.16. The company’s 50 day moving average price is $29.42 and its 200 day moving average price is $27.92.

Peapack-Gladstone Financial (NASDAQ:PGC) last announced its quarterly earnings data on Tuesday, February 10th. The financial services provider reported $0.69 earnings per share for the quarter, beating analysts’ consensus estimates of $0.65 by $0.04. Peapack-Gladstone Financial had a return on equity of 5.51% and a net margin of 7.91%.The business had revenue of $77.67 million for the quarter, compared to analyst estimates of $73.69 million. As a group, research analysts forecast that Peapack-Gladstone Financial Corporation will post 2.71 earnings per share for the current fiscal year.

Peapack-Gladstone Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, February 26th. Shareholders of record on Thursday, February 12th will be paid a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 0.6%. The ex-dividend date is Thursday, February 12th. Peapack-Gladstone Financial’s payout ratio is presently 10.31%.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in PGC. Salzhauer Michael lifted its holdings in Peapack-Gladstone Financial by 79.2% in the third quarter. Salzhauer Michael now owns 254,630 shares of the financial services provider’s stock valued at $7,028,000 after acquiring an additional 112,504 shares during the period. Acadian Asset Management LLC grew its stake in shares of Peapack-Gladstone Financial by 6.3% during the 2nd quarter. Acadian Asset Management LLC now owns 101,890 shares of the financial services provider’s stock worth $2,878,000 after purchasing an additional 6,069 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH increased its holdings in shares of Peapack-Gladstone Financial by 47.2% during the 2nd quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 17,887 shares of the financial services provider’s stock valued at $505,000 after purchasing an additional 5,735 shares in the last quarter. Prudential Financial Inc. lifted its stake in shares of Peapack-Gladstone Financial by 10.6% in the 2nd quarter. Prudential Financial Inc. now owns 226,145 shares of the financial services provider’s stock valued at $6,389,000 after purchasing an additional 21,645 shares during the period. Finally, State of New Jersey Common Pension Fund D boosted its holdings in Peapack-Gladstone Financial by 15.5% during the second quarter. State of New Jersey Common Pension Fund D now owns 69,551 shares of the financial services provider’s stock worth $1,965,000 after buying an additional 9,342 shares in the last quarter. Hedge funds and other 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.