Peapack-Gladstone Financial (NASDAQ:PGC) Sets New 1-Year High – What’s Next?

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

Analyst Upgrades and Downgrades

Several brokerages have issued reports on PGC. 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. Piper Sandler raised their price target 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. Three investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $40.50.

Peapack-Gladstone Financial Stock Up 0.9%

The company has a 50 day moving average of $41.09 and a 200-day moving average of $34.60. The stock has a market capitalization of $807.50 million, a P/E ratio of 18.38 and a beta of 0.72.

Peapack-Gladstone Financial (NASDAQ:PGC) last posted its earnings results on Wednesday, April 22nd. The financial services provider reported $0.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.66 by $0.14. The company had revenue of $82.49 million for 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 forecast that Peapack-Gladstone Financial Corporation will post 3.69 EPS for the current fiscal year.

Peapack-Gladstone Financial Announces Dividend

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

Insider Transactions at Peapack-Gladstone Financial

In other Peapack-Gladstone Financial news, Director Anthony W. Spinelli sold 2,000 shares of the firm’s stock in a transaction on Monday, June 8th. The stock was sold at an average price of $44.63, for a total value of $89,260.00. Following the sale, the director directly owned 11,742 shares in the company, valued at approximately $524,045.46. This trade represents a 14.55% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 5.75% of the company’s stock.

Institutional Investors Weigh In On Peapack-Gladstone Financial

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Wellington Management Group LLP raised its stake in shares of Peapack-Gladstone Financial by 67.0% during the third quarter. Wellington Management Group LLP now owns 1,138,723 shares of the financial services provider’s stock valued at $31,429,000 after purchasing an additional 456,828 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Peapack-Gladstone Financial by 1.4% during the first quarter. Dimensional Fund Advisors LP now owns 1,035,091 shares of the financial services provider’s stock valued at $36,445,000 after purchasing an additional 14,582 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Peapack-Gladstone Financial by 3.0% during the third quarter. Vanguard Group Inc. now owns 974,523 shares of the financial services provider’s stock valued at $26,897,000 after purchasing an additional 28,489 shares in the last quarter. State Street Corp raised its stake in shares of Peapack-Gladstone Financial by 6.2% during the fourth quarter. State Street Corp now owns 549,447 shares of the financial services provider’s stock valued at $15,302,000 after purchasing an additional 31,917 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of Peapack-Gladstone Financial by 1.2% during the fourth quarter. Geode Capital Management LLC now owns 452,521 shares of the financial services provider’s stock valued at $12,605,000 after purchasing an additional 5,260 shares in the last quarter. 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.