Peapack-Gladstone Financial (NASDAQ:PGC) Sets New 12-Month High After Strong Earnings

Peapack-Gladstone Financial Co. (NASDAQ:PGC)’s share price reached a new 52-week high on Wednesday after the company announced better than expected quarterly earnings. The company traded as high as $30.79 and last traded at $30.28, with a volume of 7798 shares traded. The stock had previously closed at $28.97.

The financial services provider reported $0.43 EPS for the quarter, beating the consensus estimate of $0.37 by $0.06. Peapack-Gladstone Financial had a net margin of 8.50% and a return on equity of 5.91%. The firm had revenue of $102.14 million for the quarter, compared to analysts’ expectations of $58.24 million.

Analyst Upgrades and Downgrades

Separately, Keefe, Bruyette & Woods restated an “outperform” rating and set a $32.00 target price (up from $28.00) on shares of Peapack-Gladstone Financial in a report on Monday, July 29th.

Insider Buying and Selling

In other Peapack-Gladstone Financial news, EVP John P. Babcock sold 10,000 shares of the business’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $26.89, for a total transaction of $268,900.00. Following the sale, the executive vice president now directly owns 52,155 shares of the company’s stock, valued at $1,402,447.95. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. 7.63% of the stock is owned by insiders.

Hedge Funds Weigh In On Peapack-Gladstone Financial

A number of institutional investors have recently modified their holdings of the business. Vanguard Group Inc. raised its stake in shares of Peapack-Gladstone Financial by 1.1% in the first quarter. Vanguard Group Inc. now owns 903,093 shares of the financial services provider’s stock worth $21,972,000 after purchasing an additional 9,991 shares during the last quarter. Boston Partners lifted its holdings in shares of Peapack-Gladstone Financial by 1.6% in the 1st quarter. Boston Partners now owns 762,659 shares of the financial services provider’s stock worth $18,339,000 after acquiring an additional 12,226 shares during the last quarter. Wellington Management Group LLP boosted its stake in shares of Peapack-Gladstone Financial by 4.5% during the fourth quarter. Wellington Management Group LLP now owns 564,178 shares of the financial services provider’s stock valued at $16,824,000 after purchasing an additional 24,083 shares during the period. American Century Companies Inc. raised its position in Peapack-Gladstone Financial by 15.3% during the 2nd quarter. American Century Companies Inc. now owns 275,576 shares of the financial services provider’s stock valued at $6,242,000 after purchasing an additional 36,564 shares during the last quarter. Finally, Salzhauer Michael lifted its position in shares of Peapack-Gladstone Financial by 5.1% in the 2nd quarter. Salzhauer Michael now owns 152,339 shares of the financial services provider’s stock worth $3,450,000 after purchasing an additional 7,429 shares during the period. Institutional investors and hedge funds own 72.75% of the company’s stock.

Peapack-Gladstone Financial Stock Performance

The company has a 50-day simple moving average of $27.43 and a two-hundred day simple moving average of $24.89. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.98 and a current ratio of 0.98. The firm has a market capitalization of $536.41 million, a P/E ratio of 15.49 and a beta of 0.99.

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.