Peapack-Gladstone Financial (NASDAQ:PGC) Hits New 52-Week High – Here’s Why

Shares of Peapack-Gladstone Financial Corporation (NASDAQ:PGC) reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $46.60 and last traded at $46.40, with a volume of 173993 shares. The stock had previously closed at $46.28.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Piper Sandler boosted their price target on Peapack-Gladstone Financial from $50.00 to $54.00 and gave the company an “overweight” rating in a report on Friday. Weiss Ratings upgraded 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 given a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $47.00.

Peapack-Gladstone Financial Price Performance

The firm has a market cap of $850.38 million, a P/E ratio of 19.35 and a beta of 0.72. The business’s 50-day moving average is $43.05 and its two-hundred day moving average is $36.09.

Peapack-Gladstone Financial (NASDAQ:PGC) last announced its earnings results on Wednesday, April 22nd. The financial services provider reported $0.80 EPS for the quarter, beating the consensus estimate of $0.66 by $0.14. The business 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 research analysts predict that Peapack-Gladstone Financial Corporation will post 3.69 EPS for the current year.

Insider Activity at Peapack-Gladstone Financial

In other news, Director Anthony W. Spinelli sold 2,000 shares of the company’s stock in a transaction on Monday, June 8th. The shares were 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 of the company’s stock, valued at approximately $524,045.46. This represents a 14.55% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 5.75% of the company’s stock.

Institutional Trading of Peapack-Gladstone Financial

A number of institutional investors have recently bought and sold shares of PGC. Salzhauer Michael lifted its stake in shares of Peapack-Gladstone Financial by 5.7% in the 4th quarter. Salzhauer Michael now owns 269,242 shares of the financial services provider’s stock valued at $7,498,000 after purchasing an additional 14,612 shares during the period. Greenwich Wealth Management LLC bought a new stake in Peapack-Gladstone Financial in the fourth quarter worth approximately $418,000. PL Capital Advisors LLC bought a new stake in Peapack-Gladstone Financial in the fourth quarter worth approximately $1,267,000. Gamco Investors INC. ET AL lifted its stake in Peapack-Gladstone Financial by 5.3% in the fourth quarter. Gamco Investors INC. ET AL now owns 63,310 shares of the financial services provider’s stock valued at $1,763,000 after buying an additional 3,200 shares during the period. Finally, Strs Ohio lifted its stake in Peapack-Gladstone Financial by 5.7% in the fourth quarter. Strs Ohio now owns 20,400 shares of the financial services provider’s stock valued at $568,000 after buying an additional 1,100 shares during the period. Institutional investors 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.