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

Peapack-Gladstone Financial Corporation (NASDAQ:PGC) hit a new 52-week high on Friday . The company traded as high as $44.45 and last traded at $44.17, with a volume of 13542 shares changing hands. The stock had previously closed at $43.91.

Wall Street Analyst Weigh In

PGC has been the subject of a number of research analyst reports. Piper Sandler upped their price target on shares of Peapack-Gladstone Financial from $39.00 to $41.00 and gave the company an “overweight” rating in a 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 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 company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $40.50.

Peapack-Gladstone Financial Stock Up 1.5%

The company has a market capitalization of $789.34 million, a PE ratio of 17.96 and a beta of 0.72. The business’s 50 day simple moving average is $40.27 and its 200 day simple moving average is $34.04.

Peapack-Gladstone Financial (NASDAQ:PGC) last posted its quarterly earnings results on Wednesday, April 22nd. The financial services provider reported $0.80 earnings per share (EPS) for the quarter, topping 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 business had revenue of $82.49 million during the quarter, compared to analyst estimates of $79.17 million. On average, analysts anticipate that Peapack-Gladstone Financial Corporation will post 3.69 earnings per share for the current fiscal year.

Peapack-Gladstone Financial Dividend Announcement

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

Hedge Funds Weigh In On Peapack-Gladstone Financial

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Royal Bank of Canada boosted its position in shares of Peapack-Gladstone Financial by 40.4% in the first quarter. Royal Bank of Canada now owns 10,675 shares of the financial services provider’s stock valued at $302,000 after acquiring an additional 3,070 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Peapack-Gladstone Financial by 4.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,939 shares of the financial services provider’s stock valued at $282,000 after acquiring an additional 390 shares during the period. Empowered Funds LLC boosted its position in shares of Peapack-Gladstone Financial by 8.5% in the first quarter. Empowered Funds LLC now owns 55,450 shares of the financial services provider’s stock valued at $1,575,000 after acquiring an additional 4,329 shares during the period. Jane Street Group LLC boosted its position in shares of Peapack-Gladstone Financial by 119.7% in the first quarter. Jane Street Group LLC now owns 52,173 shares of the financial services provider’s stock valued at $1,482,000 after acquiring an additional 28,428 shares during the period. Finally, Legal & General Group Plc lifted its position in Peapack-Gladstone Financial by 13.9% in the second quarter. Legal & General Group Plc now owns 15,898 shares of the financial services provider’s stock worth $449,000 after purchasing an additional 1,945 shares during the period. Institutional investors and hedge funds own 72.75% of the company’s stock.

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.