Peapack-Gladstone Financial (NASDAQ:PGC) Hits New 52-Week High - Here's What Happened

Key Points

• Peapack-Gladstone Financial shares hit a new 52-week high, trading as high as $41.25 (last at $41.09) on Monday with about 24,592 shares changing hands, up from a prior close of $39.44.
• Brokerages including Piper Sandler and Keefe, Bruyette & Woods recently raised price targets and ratings, leaving a MarketBeat consensus of “Moderate Buy” and a consensus price target of $40.50.
• The company posted an earnings beat with EPS of $0.80 vs. $0.66 expected and revenue of $82.49M, and announced a $0.05 quarterly dividend (annualized $0.20, ~0.5% yield).

Peapack-Gladstone Financial Corporation (NASDAQ:PGC - Get Free Report) shares hit a new 52-week high on Monday . The company traded as high as $41.25 and last traded at $41.09, with a volume of 24592 shares trading hands. The stock had previously closed at $39.44.

Analyst Ratings Changes

A number of brokerages recently issued reports on PGC. Piper Sandler lifted their price target on shares of Peapack-Gladstone Financial from $39.00 to $41.00 and gave the company an "overweight" rating in a research report on Thursday, April 2nd. Weiss Ratings reissued a "hold (c)" rating on shares of Peapack-Gladstone Financial in a research report on Thursday, January 22nd. Finally, Keefe, Bruyette & Woods lifted 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 report on Monday, February 2nd. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, Peapack-Gladstone Financial presently has an average rating of "Moderate Buy" and a consensus price target of $40.50.

Peapack-Gladstone Financial Stock Performance

The firm has a market capitalization of $729.77 million, a P/E ratio of 16.75 and a beta of 0.63. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.15. The business's 50 day simple moving average is $35.60 and its two-hundred day simple moving average is $30.97.

Peapack-Gladstone Financial (NASDAQ:PGC - Get Free Report) last released its quarterly earnings data on Wednesday, April 22nd. The financial services provider reported $0.80 earnings per share for the quarter, beating analysts' consensus estimates of $0.66 by $0.14. Peapack-Gladstone Financial had a net margin of 9.60% and a return on equity of 6.82%. The business had revenue of $82.49 million during the quarter, compared to analyst estimates of $79.17 million. Sell-side analysts anticipate that Peapack-Gladstone Financial Corporation will post 3.5 EPS for the current fiscal year.

Peapack-Gladstone Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 21st. Stockholders of record on Thursday, May 7th will be paid a $0.05 dividend. The ex-dividend date is Thursday, May 7th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.5%. Peapack-Gladstone Financial's payout ratio is currently 8.06%.

Insider Activity at Peapack-Gladstone Financial

In related news, EVP Maureen Hemhauser sold 5,272 shares of Peapack-Gladstone Financial stock in a transaction on 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 document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 5.75% of the stock is owned by corporate insiders.

Institutional Trading of Peapack-Gladstone Financial

A number of hedge funds have recently bought and sold shares of the company. Y Intercept Hong Kong Ltd purchased a new stake in Peapack-Gladstone Financial during the first quarter valued at $638,000. Aaron Wealth Advisors LLC bought a new stake in Peapack-Gladstone Financial during the first quarter valued at approximately $204,000. OP Asset Management Ltd bought a new stake in Peapack-Gladstone Financial during the first quarter valued at approximately $116,000. Hsbc Holdings PLC bought a new stake in Peapack-Gladstone Financial during the fourth quarter valued at approximately $242,000. Finally, Mendon Capital Advisors Corp grew its position in Peapack-Gladstone Financial by 63.4% during the fourth quarter. Mendon Capital Advisors Corp now owns 39,677 shares of the financial services provider's stock valued at $1,105,000 after buying an additional 15,400 shares during the period. Hedge funds and other institutional investors own 72.75% of the company's stock.

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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