Peapack-Gladstone Financial (NASDAQ:PGC) Stock Price Breaks Below 200-Day Moving Average – Here’s What Happened

Peapack-Gladstone Financial Corporation (NASDAQ:PGC)’s share price crossed below its two hundred day moving average during trading on Friday. The stock has a two hundred day moving average of $43.93 and traded as low as $42.75. Peapack-Gladstone Financial shares last traded at $43.38, with a volume of 117,250 shares.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on PGC. Weiss Ratings upgraded Peapack-Gladstone Financial from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, September 21st. Keefe, Bruyette & Woods reiterated a “moderate buy” rating and set a $56.00 target price (up from $55.00) on shares of Peapack-Gladstone Financial in a report on Monday, August 3rd. Zacks Research lowered Peapack-Gladstone Financial from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 29th. Raymond James Financial increased their price target on Peapack-Gladstone Financial from $49.00 to $55.00 and gave the company a “strong-buy” rating in a research report on Wednesday, July 1st. Finally, Piper Sandler raised their price target on Peapack-Gladstone Financial from $54.00 to $58.00 and gave the company an “overweight” rating in a research note on Wednesday, July 29th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Hold rating to the company. According to MarketBeat, Peapack-Gladstone Financial currently has a consensus rating of “Buy” and an average target price of $56.33.

Peapack-Gladstone Financial Price Performance

The firm has a market capitalization of $769.04 million, a P/E ratio of 15.06 and a beta of 0.72. The firm’s 50 day moving average is $44.97 and its two-hundred day moving average is $43.93.

Peapack-Gladstone Financial (NASDAQ:PGC) last posted its quarterly earnings results on Monday, July 27th. The financial services provider reported $0.85 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.88 by ($0.03). The firm had revenue of $86.05 million for the quarter, compared to the consensus estimate of $85.17 million. Peapack-Gladstone Financial had a return on equity of 7.82% and a net margin of 11.09%. Analysts anticipate that Peapack-Gladstone Financial Corporation will post 3.58 EPS for the current fiscal year.

Peapack-Gladstone Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 27th. Stockholders of record on Thursday, August 13th were paid a dividend of $0.05 per share. The ex-dividend date was Thursday, August 13th. This represents a $0.20 annualized dividend and a dividend yield of 0.5%. Peapack-Gladstone Financial’s payout ratio is currently 6.94%.

Insider Activity

In related news, EVP Gregory Smith sold 1,250 shares of the firm’s stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $44.66, for a total value of $55,825.00. Following the completion of the sale, the executive vice president directly owned 12,622 shares in the company, valued at approximately $563,698.52. This trade represents a 9.01% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Maureen Hemhauser sold 2,297 shares of the firm’s stock in a transaction dated Monday, September 21st. The shares were sold at an average price of $45.32, for a total transaction of $104,100.04. Additional details regarding this sale are available in the official SEC disclosure. 5.75% of the stock is owned by insiders.

Hedge Funds Weigh In On Peapack-Gladstone Financial

A number of institutional investors have recently bought and sold shares of PGC. BlackRock Inc. acquired a new stake in shares of Peapack-Gladstone Financial in the second quarter valued at approximately $75,599,000. Dimensional Fund Advisors LP increased its holdings in shares of Peapack-Gladstone Financial by 1.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,035,091 shares of the financial services provider’s stock worth $36,445,000 after acquiring an additional 14,582 shares during the last quarter. Wellington Management Group LLP increased its holdings in shares of Peapack-Gladstone Financial by 6.1% during the 2nd quarter. Wellington Management Group LLP now owns 674,880 shares of the financial services provider’s stock worth $31,942,000 after acquiring an additional 38,797 shares during the last quarter. Algert Global LLC raised its stake in Peapack-Gladstone Financial by 8.2% in the 2nd quarter. Algert Global LLC now owns 356,295 shares of the financial services provider’s stock valued at $16,863,000 after acquiring an additional 26,880 shares during the period. Finally, Basswood Capital Management L.L.C. bought a new stake in Peapack-Gladstone Financial in the 2nd quarter valued at $13,778,000. Institutional investors and hedge funds own 72.75% of the company’s stock.

Peapack-Gladstone Financial Company Profile

Peapack-Gladstone Financial Corporation (NASDAQ: PGC) is a bank holding company headquartered in Bedminster, New Jersey. It operates primarily through Peapack-Gladstone Bank, a full-service financial institution serving individuals, families, businesses and institutions.

The bank provides commercial and retail banking services, including deposit accounts, commercial and residential lending, mortgages, cash-management services and other treasury-management solutions. It also offers wealth management services such as investment management, trust and fiduciary services, financial planning and private banking.

Founded in 1921, Peapack-Gladstone Bank has historically focused on communities in New Jersey and the New York metropolitan area, including businesses and affluent individuals in those markets.