Peapack-Gladstone Financial (NASDAQ:PGC) Hits New 1-Year High – Here’s What Happened

Peapack-Gladstone Financial Corporation (NASDAQ:PGC)’s share price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $36.03 and last traded at $35.78, with a volume of 22931 shares trading hands. The stock had previously closed at $35.21.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the company. Piper Sandler began coverage on Peapack-Gladstone Financial in a research note on Monday, March 16th. They set an “overweight” rating and a $39.00 price objective on the stock. Keefe, Bruyette & Woods upped their price target on shares of Peapack-Gladstone Financial from $35.00 to $40.00 and gave the company an “outperform” rating in a research note on Monday, February 2nd. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Peapack-Gladstone Financial in a report on Thursday, January 22nd. Two research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $39.33.

Peapack-Gladstone Financial Stock Up 1.3%

The company has a market cap of $626.99 million, a price-to-earnings ratio of 16.91 and a beta of 0.70. The stock’s 50-day moving average is $33.50 and its 200-day moving average is $29.71. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.15.

Peapack-Gladstone Financial (NASDAQ:PGC) last announced its quarterly earnings results on Thursday, January 29th. The financial services provider reported $0.69 EPS for the quarter. Peapack-Gladstone Financial had a net margin of 8.40% and a return on equity of 5.85%. The business had revenue of $77.67 million during the quarter. On average, analysts anticipate that Peapack-Gladstone Financial Corporation will post 2.71 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Maureen Hemhauser sold 5,272 shares of the stock in a transaction that occurred on Monday, February 9th. The shares were sold at an average price of $35.59, for a total transaction of $187,630.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 5.75% of the company’s stock.

Institutional Investors Weigh In On Peapack-Gladstone Financial

Several hedge funds and other institutional investors have recently modified their holdings of PGC. Wellington Management Group LLP boosted its holdings in Peapack-Gladstone Financial by 67.0% in the 3rd quarter. Wellington Management Group LLP now owns 1,138,723 shares of the financial services provider’s stock valued at $31,429,000 after purchasing an additional 456,828 shares during the period. Salzhauer Michael grew its position in Peapack-Gladstone Financial by 79.2% during the third quarter. Salzhauer Michael now owns 254,630 shares of the financial services provider’s stock valued at $7,028,000 after acquiring an additional 112,504 shares during the last quarter. Russell Investments Group Ltd. grew its holdings in shares of Peapack-Gladstone Financial by 255.0% during the 4th quarter. Russell Investments Group Ltd. now owns 108,782 shares of the financial services provider’s stock valued at $3,030,000 after purchasing an additional 78,135 shares during the last quarter. Millennium Management LLC increased its holdings in shares of Peapack-Gladstone Financial by 100.8% in the fourth quarter. Millennium Management LLC now owns 143,306 shares of the financial services provider’s stock worth $3,991,000 after buying an additional 71,932 shares during the period. Finally, Adage Capital Partners GP L.L.C. bought a new stake in Peapack-Gladstone Financial in the fourth quarter valued at approximately $1,965,000. 72.75% of the stock is currently owned by institutional investors.

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.