Peapack-Gladstone Financial (NASDAQ:PGC) Shares Gap Up – Time to Buy?

Shares of Peapack-Gladstone Financial Co. (NASDAQ:PGC) gapped up before the market opened on Wednesday . The stock had previously closed at $29.18, but opened at $29.78. Peapack-Gladstone Financial shares last traded at $29.64, with a volume of 13,118 shares traded.

Analyst Ratings Changes

Separately, Keefe, Bruyette & Woods upped their price objective on shares of Peapack-Gladstone Financial from $38.00 to $44.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th.

Peapack-Gladstone Financial Stock Up 0.4 %

The business has a 50 day simple moving average of $31.68 and a 200 day simple moving average of $31.81. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.97 and a quick ratio of 0.97. The stock has a market cap of $513.45 million, a PE ratio of 15.77 and a beta of 1.00.

Peapack-Gladstone Financial (NASDAQ:PGC) last released its quarterly earnings data on Tuesday, January 28th. The financial services provider reported $0.52 EPS for the quarter, topping analysts’ consensus estimates of $0.45 by $0.07. Peapack-Gladstone Financial had a return on equity of 5.57% and a net margin of 8.11%. On average, equities research analysts forecast that Peapack-Gladstone Financial Co. will post 2.71 EPS for the current fiscal year.

Insider Activity

In related news, CEO Douglas L. Kennedy sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, March 21st. The stock was sold at an average price of $28.79, for a total value of $143,950.00. Following the transaction, the chief executive officer now directly owns 40,409 shares of the company’s stock, valued at approximately $1,163,375.11. This trade represents a 11.01 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Gregory Martin Smith sold 17,633 shares of the company’s stock in a transaction that occurred on Thursday, January 30th. The stock was sold at an average price of $31.95, for a total value of $563,374.35. Following the sale, the executive vice president now directly owns 297 shares of the company’s stock, valued at $9,489.15. The trade was a 98.34 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 52,633 shares of company stock worth $1,573,124. 7.63% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of PGC. Basswood Capital Management L.L.C. bought a new stake in Peapack-Gladstone Financial during the fourth quarter valued at about $7,928,000. Assenagon Asset Management S.A. acquired a new position in shares of Peapack-Gladstone Financial during the 4th quarter worth about $3,590,000. Vanguard Group Inc. boosted its stake in Peapack-Gladstone Financial by 7.2% during the 4th quarter. Vanguard Group Inc. now owns 937,205 shares of the financial services provider’s stock valued at $30,037,000 after purchasing an additional 62,803 shares during the period. JPMorgan Chase & Co. grew its holdings in Peapack-Gladstone Financial by 37.5% in the 4th quarter. JPMorgan Chase & Co. now owns 202,865 shares of the financial services provider’s stock valued at $6,502,000 after buying an additional 55,363 shares during the last quarter. Finally, American Century Companies Inc. increased its position in Peapack-Gladstone Financial by 11.6% in the 4th quarter. American Century Companies Inc. now owns 339,148 shares of the financial services provider’s stock worth $10,870,000 after buying an additional 35,159 shares during the period. 72.75% of the stock is currently owned by institutional investors and hedge funds.

About Peapack-Gladstone Financial

Peapack-Gladstone Financial Corporation operates as the bank holding company for Peapack-Gladstone Bank that provides private banking and wealth management services in the United States. The company operates in two segments, Banking and Peapack Private. It offers checking and savings accounts, money market and interest-bearing checking accounts, certificates of deposit, and individual retirement accounts.