Peapack-Gladstone Financial (NASDAQ:PGC) Reaches New 1-Year High - Time to Buy?

Key Points

• New 52-week high: PGC shares hit a new 52-week high, trading as high as $43.22 and last at $43.06, while analysts have recently raised targets (average price target $40.50) and the consensus rating is "Moderate Buy" (two Buy, two Hold).
• Quarterly beat: Peapack-Gladstone reported Q1 EPS of $0.80 versus $0.66 expected and revenue of $82.49M versus $79.17M expected, with analysts projecting $3.66 EPS for the fiscal year.
• Dividend and valuation: The firm declared a $0.05 quarterly dividend ($0.20 annualized, ~0.5% yield); market cap is about $755M and the stock trades at a P/E of 17.33.

Shares of Peapack-Gladstone Financial Corporation (NASDAQ:PGC - Get Free Report) reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $43.22 and last traded at $43.0640, with a volume of 37387 shares trading hands. The stock had previously closed at $41.60.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on PGC. 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 report on Monday, February 2nd. Weiss Ratings restated a "hold (c)" rating on shares of Peapack-Gladstone Financial in a report on Thursday, January 22nd. Finally, Piper Sandler upped their price target on shares of Peapack-Gladstone Financial from $39.00 to $41.00 and gave the company an "overweight" rating in a report on Thursday, April 2nd. Two analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $40.50.

Peapack-Gladstone Financial Price Performance

The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.15. The stock has a market cap of $755.03 million, a price-to-earnings ratio of 17.33 and a beta of 0.72. The company's 50-day moving average is $36.21 and its 200-day moving average is $31.37.

Peapack-Gladstone Financial (NASDAQ:PGC - Get Free Report) last posted its quarterly earnings results on Wednesday, April 22nd. The financial services provider reported $0.80 earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $82.49 million during the quarter, compared to analyst estimates of $79.17 million. Equities research analysts expect that Peapack-Gladstone Financial Corporation will post 3.66 earnings per share for the current fiscal year.

Peapack-Gladstone Financial Announces Dividend

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

Insider Transactions at Peapack-Gladstone Financial

In related news, EVP Maureen Hemhauser sold 5,272 shares of the stock in a transaction dated Monday, February 9th. The shares were sold at an average price of $35.59, for a total value of $187,630.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 5.75% of the stock is owned by company insiders.

Institutional Trading of Peapack-Gladstone Financial

Several hedge funds have recently modified their holdings of PGC. State of Alaska Department of Revenue increased its holdings in shares of Peapack-Gladstone Financial by 431.5% during the fourth quarter. State of Alaska Department of Revenue now owns 3,768 shares of the financial services provider's stock worth $104,000 after buying an additional 3,059 shares in the last quarter. OP Asset Management Ltd acquired a new stake in shares of Peapack-Gladstone Financial during the first quarter worth approximately $116,000. Aquatic Capital Management LLC increased its holdings in shares of Peapack-Gladstone Financial by 23.1% during the third quarter. Aquatic Capital Management LLC now owns 5,240 shares of the financial services provider's stock worth $145,000 after buying an additional 985 shares in the last quarter. CWM LLC increased its holdings in shares of Peapack-Gladstone Financial by 622.5% during the third quarter. CWM LLC now owns 6,596 shares of the financial services provider's stock worth $182,000 after buying an additional 5,683 shares in the last quarter. Finally, Quantbot Technologies LP increased its holdings in shares of 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 in the last quarter. Institutional investors and hedge funds 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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