Peapack-Gladstone Financial (NASDAQ:PGC) Sees Strong Trading Volume – Here’s What Happened

Peapack-Gladstone Financial Co. (NASDAQ:PGC) saw an uptick in trading volume on Friday . 348,618 shares traded hands during mid-day trading, an increase of 259% from the previous session’s volume of 97,053 shares.The stock last traded at $35.45 and had previously closed at $35.76.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on PGC. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $32.00 price target (up previously from $28.00) on shares of Peapack-Gladstone Financial in a research report on Monday, July 29th. Piper Sandler upgraded Peapack-Gladstone Financial from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $30.00 to $35.00 in a research report on Wednesday, October 23rd.

Peapack-Gladstone Financial Trading Up 1.7 %

The stock has a market cap of $639.57 million, a PE ratio of 20.09 and a beta of 0.96. The business has a 50-day moving average of $30.87 and a 200 day moving average of $26.60. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.97 and a current ratio of 0.97.

Peapack-Gladstone Financial (NASDAQ:PGC) last posted its quarterly earnings data on Tuesday, October 22nd. The financial services provider reported $0.43 EPS for the quarter, topping analysts’ consensus estimates of $0.37 by $0.06. Peapack-Gladstone Financial had a return on equity of 5.55% and a net margin of 8.12%. The firm had revenue of $102.14 million during the quarter, compared to analysts’ expectations of $58.24 million. Equities research analysts predict that Peapack-Gladstone Financial Co. will post 1.82 EPS for the current fiscal year.

Peapack-Gladstone Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Thursday, November 7th will be paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 0.55%. The ex-dividend date of this dividend is Thursday, November 7th. Peapack-Gladstone Financial’s payout ratio is 11.05%.

Insiders Place Their Bets

In other news, EVP John P. Babcock sold 3,000 shares of Peapack-Gladstone Financial stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $32.29, for a total value of $96,870.00. Following the transaction, the executive vice president now directly owns 49,155 shares of the company’s stock, valued at $1,587,214.95. The trade was a 5.75 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. 7.63% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Peapack-Gladstone Financial

Several hedge funds and other institutional investors have recently modified their holdings of PGC. Point72 Asset Management L.P. raised its holdings in shares of Peapack-Gladstone Financial by 157.5% during the 3rd quarter. Point72 Asset Management L.P. now owns 2,400 shares of the financial services provider’s stock valued at $66,000 after buying an additional 1,468 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Peapack-Gladstone Financial by 68.4% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,324 shares of the financial services provider’s stock valued at $75,000 after buying an additional 1,350 shares during the period. BNP Paribas Financial Markets raised its holdings in shares of Peapack-Gladstone Financial by 90.4% during the 1st quarter. BNP Paribas Financial Markets now owns 8,399 shares of the financial services provider’s stock valued at $204,000 after buying an additional 3,987 shares during the period. Algert Global LLC purchased a new stake in shares of Peapack-Gladstone Financial during the 2nd quarter valued at about $209,000. Finally, Janus Henderson Group PLC purchased a new stake in shares of Peapack-Gladstone Financial during the 3rd quarter valued at about $211,000. 72.75% of the stock is owned by institutional investors and hedge funds.

Peapack-Gladstone Financial Company Profile

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.