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

Peapack-Gladstone Financial Corporation (NASDAQ:PGC)’s stock price hit a new 52-week high on Wednesday . The company traded as high as $35.87 and last traded at $35.2050, with a volume of 11107 shares traded. The stock had previously closed at $34.98.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the stock. Piper Sandler assumed coverage on shares of Peapack-Gladstone Financial in a report on Monday, March 16th. They issued an “overweight” rating and a $39.00 price target on the stock. Weiss Ratings restated a “hold (c)” rating on shares of Peapack-Gladstone Financial in a research report on Thursday, January 22nd. Finally, Keefe, Bruyette & Woods lifted 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. Two equities research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $39.33.

Peapack-Gladstone Financial Stock Up 0.7%

The business has a 50-day moving average price of $33.15 and a 200 day moving average price of $29.58. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $612.00 million, a P/E ratio of 16.51 and a beta of 0.70.

Peapack-Gladstone Financial (NASDAQ:PGC) last announced its quarterly earnings results 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 for the quarter. Peapack-Gladstone Financial had a net margin of 8.40% and a return on equity of 5.85%. On average, equities analysts expect that Peapack-Gladstone Financial Corporation will post 2.71 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Maureen Hemhauser sold 5,272 shares of Peapack-Gladstone Financial stock in a transaction on Monday, February 9th. The stock was sold at an average price of $35.59, for a total transaction of $187,630.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 5.75% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Salzhauer Michael boosted its position in Peapack-Gladstone Financial by 79.2% in the 3rd quarter. Salzhauer Michael now owns 254,630 shares of the financial services provider’s stock valued at $7,028,000 after buying an additional 112,504 shares during the period. Oppenheimer & Close LLC purchased a new position in shares of Peapack-Gladstone Financial during the third quarter worth approximately $1,083,000. Universal Beteiligungs und Servicegesellschaft mbH raised its stake in shares of Peapack-Gladstone Financial by 47.2% during the second quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 17,887 shares of the financial services provider’s stock valued at $505,000 after acquiring an additional 5,735 shares in the last quarter. Prudential Financial Inc. raised its stake in shares of Peapack-Gladstone Financial by 10.6% during the second quarter. Prudential Financial Inc. now owns 226,145 shares of the financial services provider’s stock valued at $6,389,000 after acquiring an additional 21,645 shares in the last quarter. Finally, Inscription Capital LLC purchased a new stake in shares of Peapack-Gladstone Financial in the fourth quarter valued at approximately $210,000. 72.75% of the stock is currently owned by institutional investors.

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.