Peapack-Gladstone Financial (NASDAQ:PGC) Hits New 1-Year High - What's Next?

Key Points

• Peapack-Gladstone Financial hit a new 52-week high, trading as high as $35.87, and analysts have raised ratings and targets (KBW to $40, Piper Sandler $39), leaving an average analyst rating of Buy and an average price target of $39.33.
• Fundamentals: the bank reported Q4 EPS of $0.69 on $77.7M revenue, has a market cap of about $612M and a P/E of 16.5, and the stock is trading above its 50-day ($32.92) and 200-day ($29.51) moving averages.
• Insider and institutional activity: an EVP sold 5,272 shares at roughly $35.59 (insiders own 5.75%), while institutional ownership is high at 72.75% and several funds recently increased their stakes.

Peapack-Gladstone Financial Corporation (NASDAQ:PGC - Get Free Report) shares reached a new 52-week high on Wednesday . The stock traded as high as $35.87 and last traded at $35.2050, with a volume of 11107 shares traded. The stock had previously closed at $34.98.

Wall Street Analyst Weigh In

Several analysts recently commented on PGC shares. Keefe, Bruyette & Woods raised their price objective on Peapack-Gladstone Financial from $35.00 to $40.00 and gave the stock an "outperform" rating in a research note on Monday, February 2nd. Piper Sandler began coverage on Peapack-Gladstone Financial in a report on Monday, March 16th. They set an "overweight" rating and a $39.00 price objective on the stock. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Peapack-Gladstone Financial in a research note on Thursday, January 22nd. Two research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, Peapack-Gladstone Financial currently has an average rating of "Buy" and an average price target of $39.33.

Peapack-Gladstone Financial Stock Performance

The stock has a fifty day moving average of $32.92 and a 200-day moving average of $29.51. The firm has a market capitalization of $612.46 million, a P/E ratio of 16.52 and a beta of 0.70. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.15.

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

Insider Activity at Peapack-Gladstone Financial

In other news, EVP Maureen Hemhauser sold 5,272 shares of the firm's stock in a transaction dated Monday, February 9th. The stock was sold at an average price of $35.59, for a total value of $187,630.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 5.75% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of PGC. State of Alaska Department of Revenue raised its stake in shares of Peapack-Gladstone Financial by 431.5% during the 4th quarter. State of Alaska Department of Revenue now owns 3,768 shares of the financial services provider's stock worth $104,000 after purchasing an additional 3,059 shares in the last quarter. Aquatic Capital Management LLC grew its stake in shares of Peapack-Gladstone Financial by 23.1% in the third quarter. Aquatic Capital Management LLC now owns 5,240 shares of the financial services provider's stock valued at $145,000 after buying an additional 985 shares in the last quarter. CWM LLC grew its stake in shares of Peapack-Gladstone Financial by 622.5% in the third quarter. CWM LLC now owns 6,596 shares of the financial services provider's stock valued at $182,000 after buying an additional 5,683 shares in the last quarter. Quantbot Technologies LP increased its holdings in Peapack-Gladstone Financial by 68.0% during the third quarter. Quantbot Technologies LP now owns 7,381 shares of the financial services provider's stock worth $204,000 after buying an additional 2,987 shares during the last quarter. Finally, Schonfeld Strategic Advisors LLC bought a new stake in Peapack-Gladstone Financial during the fourth quarter worth $206,000. 72.75% of the stock is currently owned by institutional investors.

Peapack-Gladstone Financial Company Profile

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.

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